SWK Holdings Provides Portfolio Update
Company Announces Q3 Earnings and Conference Call Dates
DALLAS, TX / ACCESSWIRE / October 17, 2024 / SWK Holdings Corporation (NASDAQ:SWKH) ("SWK" or the "Company"), a life science-focused specialty finance company catering to small- and mid-sized commercial-stage companies, provided today a portfolio update and announced the anticipated date of the third quarter earnings and conference call schedule.
The Company intends to issue their third quarter financials after market close on November 14, 2024, and will host a conference call at 9:00 a.m. Central Time on November 15, 2024, to discuss the company's financial results for the quarter. Call details will be available in the quarterly results news release.
Originations and Repayments
In September, SWK expanded its existing credit facility with Eton by $25.7M to $30.0M. The extension will support Eton's acquisition of Increlex, which is expected to close near year-end 2024.
In September, Epica International, Inc. repaid the outstanding term loan principal balance of $8.3M as well as accrued interest and exit fee. SWK continues to hold an equity interest in Epica.
Portfolio Company Updates
4WEB Medical
4WEB Medical is a privately held medical device company that develops orthopedic implants that utilize its proprietary Truss Implant Technology™.
Announced the appointment of Brad Niemann as President.
AOTI, Inc.
Advanced Oxygen Therapy, Inc. (AIM:AOTI) is a medical technology company that develops and markets proprietary wound care therapies.
Reported first half 2024 revenue of $26.3M, an increase of 26.4% versus the prior year's comparable period.
First half 2024 adjusted EBITDA was $3.4M compared with $0.7M during first half 2023, reflecting improvement across all business segments and operating leverage.
Announced US FDA 510(k) Clearance of NEXATM Negative Pressure Wound Therapy System to include use in the home care setting.
Biotricity, Inc.
Biotricity, Inc. (OTCQB:BTCY) is a medical technology company focused on delivering remote biometric monitoring solutions to the medical and consumer markets.
For quarter-ended June 30, 2024, revenues increased by 6% to $3.2M compared to $3.0M during the prior year's comparable quarter.
Gross margins improved to 73.8% during quarter-ended June 30, 2024, an increase from 63.5% in the same period last year, and 59.6% two years earlier.
Announced expectations for achieving profitability by the end of the current fiscal fourth quarter.
Announced a pilot program with a major hospital system that services over 800k individuals.
Elutia
Elutia Inc. (NASDAQ:ELUT) is a biologics company with a portfolio of regenerative products aimed at improving compatibility between medical devices and the patients they treat.
For the quarter ended June 30, 2024, reported CanGaroo and SimpliDerm net sales growth of 19% and 7%, respectively, over prior year's comparable quarter.
In August, raised gross proceeds of approximately $15.7M from the exercise of outstanding warrants, resulting in cumulative year-to-date gross equity proceeds of $29.0M.
Eton Pharmaceuticals, Inc.
Eton (NASDAQ:ETON) is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases.
Reported revenue for the quarter ended June 30, 2024, of $9.1M, 40% year-over-year growth and the 14th consecutive quarter of sequential sales growth.
Reported Cash Flow from Operations of $1.3M (including the payment of a one-time $2.0M NDA filing fee for ET-400) for the quarter.
In July 2024, announced FDA acceptance of its New Drug Application ("NDA") for ET-400, Eton's proprietary, patented room temperature stable formulation of oral hydrocortisone solution. ET-400 was assigned a February 28, 2025, PDUFA date.
In October, Eton announced it had entered into an asset purchase agreement to acquire Increlex from Ipsen. The transaction is expected to close near year-end 2024.
Journey Medical Corporation
Journey Medical Corporation (NASDAQ:DERM) is a commercial-stage pharmaceutical company focused on commercializing FDA-approved, prescription dermatology products.
Total revenues for the second quarter ended June 30, 2024, were $14.9M, a 14% increase from the $13.0M reported in the first quarter of 2024.
Adjusted EBITDA of $0.3M for the second quarter ended June 30, 2024, compared to Adjusted EBITDA of $(0.6M) for the second quarter of 2023.
MolecuLight, Inc.
MolecuLight Inc. is a leader in point-of-care fluorescence imaging that locates and detects elevated, pathogenic bacterial loads in and around wounds.
In August, announced the closing of a $11.7 million Series C financing round led by new investors Export Development Canada (EDC), Prosegur, and Azahar. Existing investors also participated in the round, demonstrating continued confidence in the company's growth trajectory.
Shield Therapeutics plc (LSE:STX)
Shield (LSE:STX) is a commercial-stage specialty pharmaceutical company focused on addressing iron deficiency with its lead product Accrufer®/Feraccru® (ferric maltol).
For the first half 2024, total Accrufer® prescriptions totaled 65.2k, up 160% compared with the prior year's comparable period
Average first half 2024 Accrufer® net selling price of $158 per prescription, a 33% increase versus the first half 2023. The second quarter 2024 average net selling price per prescription was $171.
First half 2024 total revenue of $12.1M, up 320% compared with the prior year's comparable period
Completed a $5.7M monetization agreement with AOP Health International Management AG.
Announced approval of Accrufer® by Health Canada via Kye Pharmaceuticals ("Kye"), Shield's Canadian commercialization partner. Based on Shield's collaboration agreement with Kye, it will be the potential beneficiary of certain future milestone payments and double-digit royalties on net sales of Accrufer®.
Announced the results of a Phase 3 pediatric clinical trial (FORTIS/ST10-01-305) that confirmed the efficacy, safety, and tolerability of its oral liquid suspension for children with iron deficiency anemia. This trial is the final study in the development program, and the data will be used to support a filing with the FDA for a pediatric indication in children older than 1 month in 1H25.
About SWK Holdings Corporation
SWK Holdings Corporation is a life science focused specialty finance company partnering with small- and mid-sized commercial-stage healthcare companies. SWK provides non-dilutive financing to fuel the development and commercialization of lifesaving and life-enhancing medical technologies and products. SWK's unique financing structures provide flexible financing solutions at an attractive cost of capital to create long-term value for all SWK stakeholders. SWK's solutions include structured debt, traditional royalty monetization, synthetic royalty transactions, and asset purchases typically ranging in size from $5.0 million to $25.0 million.
SWK also owns Enteris BioPharma, a clinical development and manufacturing organization providing development services to pharmaceutical partners as well as innovative formulation solutions built around its proprietary oral drug delivery technologies, the Peptelligence® platform. Additional information on the life science finance market is available on the Company's website at www.swkhold.com.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are forward-looking statements. Because these statements reflect SWK's current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption "Risk Factors" and elsewhere in SWK's Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein, could affect the Company's future financial results and could cause actual results to differ materially from those expressed in such forward-looking statements. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause the Company's actual results to differ materially from expected and historical results. You should not place undue reliance on any forward-looking statements, which speak only as of the date they are made. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
For more information, please contact:
Investor Relations and Media
Ira M. Gostin
[email protected]
775-381-0213
SOURCE: SWK Holdings Corp.
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