Provides Additional Working Capital to Further Fund Growth Initiatives
SILVER SPRING, Md., Aug. 10, 2022 (GLOBE NEWSWIRE) — Aziyo Biologics, Inc. (Nasdaq: AZYO) (the “Company”), a commercial-stage regenerative medicine company announced today that it has entered into a $25 million credit facility from SWK Holdings Corporation.
The new credit facility provides for an initial term loan of $21 million that the Company intends to use to fund its ongoing commercial and product development initiatives, refinance its existing debt facilities, and to pay off all such other outstanding debt. In addition, the Company also has the option to draw under the new credit facility an additional term loan of $4 million, subject to the achievement of specified operational and financial metrics by September 30, 2023. The loan facility allows for the establishment of a new asset-based revolving loan facility of up to $8 million.
“We are delighted to establish a relationship with SWK. This new capital helps strengthen our balance sheet and provide Aziyo with substantially greater financial flexibility,” said Dr. Randy Mills, Aziyo’s Chief Executive Officer. “Moreover, the added liquidity will allow Aziyo to advance our existing product portfolio and develop additional innovative products that leverage our platform of regenerative technologies to serve unmet medical needs.”
“We’ve built a strong conviction in the strength of Aziyo’s product portfolio and its prospects for sustained growth and value creation,” commented Winston Black, CEO of SWK Holdings. “I’m excited that SWK is able to provide significant capital infusion to support Aziyo’s mission of advancing regenerative medicine platforms to dramatically improve patient outcomes.”
About Aziyo Biologics
Aziyo Biologics is a commercial-stage regenerative medicine company focused on creating the next generation of differentiated products and improving outcomes in patients undergoing surgery, concentrating on patients receiving implantable medical devices. Since its founding in 2015, the Company has created a portfolio of commercial-stage products used in cardiovascular, orthopedic, and reconstructive specialties. For more information, visit www.Aziyo.com.
About SWK Holdings Corporation
SWK Holdings Corporation (SWKH.OB) is a specialized finance company with a focus on the global healthcare sector. SWK partners with ethical product marketers and royalty holders to provide flexible financing solutions at an attractive cost of capital to create long-term value for both SWK’s business partners and its investors. SWK believes its financing structures achieve an optimal partnership for companies, institutions and inventors seeking capital for expansion or capital and estate planning by allowing its partners to monetize future cash flow with minimal dilution to their equity stakes. Additional information is available on the company’s website at www.swkhold.com.
Statements in this press release regarding management’s future expectations, beliefs, intentions, goals, strategies, plans or prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited, to statements regarding the Company’s advancement and development of its products and intended use of borrowings. Forward-looking statements may be identified by words such as “anticipates,” “believe,” “continue,” “expect,” “goal,” “intend,” “may,” “plan to,” “potential,” “projects,” “will,” and other similar words or expressions, or the negative of these words or similar words or expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors, including, without limitation, the risks referred to under the section “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, as such factors may be updated from time to time in the Company’s other filings with the Securities and Exchange Commission (“SEC”), which filings are accessible on the SEC’s website at www.sec.gov and the Investors page of the Company’s website at https://investors.aziyo.com. All forward-looking statements speak only as of the date of this press release and, except as required by applicable law, the Company has no obligation to update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Aziyo Biologics, Inc.
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