Aziyo Biologics, a commercial-stage regenerative medicine company, entered into a $25 million credit facility from SWK Holdings.
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 Sept. 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,” Dr. Randy Mills, CEO of Aziyo, said. “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,” Winston Black, CEO of SWK Holdings, said. “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.”
