SWK Holdings provided a $16 million debt facility to Imprimis Pharmaceuticals.
The loan was fully funded at closing with a five-year term bearing interest, initially, at 12% per annum with interest-only payments for up to the first 18 months.
Winston Black, CEO of SWK Holdings, stated, “We have enjoyed working with the Imprimis team during our extensive due diligence process and look forward to supporting the company as it continues to execute its growth strategy. Imprimis’ innovative ophthalmic formulations have significant opportunities in large markets and we believe in the company’s ability to achieve their vision of delivering innovative medicines to physicians and patients at affordable prices.”
Mark L. Baum, CEO of Imprimis, said, “We are pleased to partner with the SWK team, a firm renowned for its healthcare investing expertise, and appreciate their thorough understanding of our business and the confidence they have placed in our long-term growth potential. This debt facility provides us with a non-dilutive source of capital at favorable terms and we believe adequate working capital to enable us to reach expected profitability in the near term.”
WestCape Advisors, a division of KEMA Partners, served as exclusive financial advisor to Imprimis in connection with the financing.
SWK Holdings is a specialized finance company with a focus on the global healthcare sector. Imprimis Pharmaceuticals is a pharmaceutical company dedicated to producing and dispensing high quality innovative medications in all 50 states.