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SWK Holdings Provides Up to $20MM Credit Facility to Journey Medical Corporation

January 03, 2024, 07:33 AM
Filed Under: Pharmaceuticals

Journey Medical Corporation announced that the Company has entered into a credit facility with an affiliate of SWK Holdings Corporation, a specialized finance company with a focus on the global healthcare sector, providing for borrowings of up to $20 million.

“This financing strengthens Journey Medical’s balance sheet and provides us with additional operational flexibility. The funding will support general corporate purposes, as well as anticipated expenses for DFD-29, including an upcoming New Drug Application submission and preparation for its potential commercial launch, pending FDA approval,” said Claude Maraoui, Co-Founder, President and Chief Executive Officer of Journey Medical.

The Credit Facility provides for an initial term loan of $15 million that the Company intends to use to fund general corporate operations and commercial and DFD-29 product development initiatives. The Credit Facility is expected to mature four years from funding and has an initial interest-only period for the first two years, which may be extended to three years based on the achievement of a specified revenue threshold. The Company also has the option to draw an additional tranche of $5 million under the Credit Facility, subject to the achievement of specified operational and financial metrics, in the twelve months following the date of the credit facility.

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