Journey Medical, a partner company of Fortress Biotech, entered into an agreement with East West Bank in which EWB will provide a $7.5 million working capital line of credit.
The line of credit is secured by Journey Medical’s receivables and cash. Interest on the line is the greater of 4.25% or the prime rate plus 1%. The agreement expires in 36 months. Journey Medical intends to use the proceeds for general corporate purposes, including the advancement of the company’s portfolio.
Claude Maraoui, president and chief executive officer of Journey Medical, said, “We are pleased to work with EWB to support our operating needs and future growth ambitions. With access to these funds, we will continue executing our plan to acquire additional dermatology products while continuing to commercialize our seven marketed prescription products that help treat and heal common skin conditions.”
