Journey Medical Corporation Secures Credit Facility with SWK Holdings for up to $20 Million
Summary
Provides additional capital for general corporate purposes including funding to support the potential launch of DFD-29SCOTTSDALE, Ariz., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Journey Medical Corporation (Nasdaq: DERM) (Journey Medical or the Company), a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of U.S. Food and Drug Administration (FDA)-approved prescription pharmaceutical products for the treatment of dermatological conditions, today announced that the Company has entered into a credit facility with an affiliate of SWK Holdings Corporation (SWK), a specialized finance company with a focus on the global healthcare sector, providing for borrowings of up to $20 million (Credit Facility).This financing strengthens Journey Medicals balance sheet and provides us with additional operational flexibility. The funding will support general corporate purposes, as well as anticipated expenses for DFD-29, including an upcoming New Drug Application submission and preparation for its potential commercial launch, pending FDA approval, said Claude Maraoui, Co-Founder, President and Chief Executive Officer of Journey Medical.The Credit Facility provides for an initial term loan of $15 million that the Company intends to use to fund general corporate operations and commercial and DFD-29 product development initiatives. The Company also has the option to draw an additional tranche of $5 million under the Credit Facility, subject to the achievement of specified operational and financial metrics, in the twelve months following the date of the credit facility.About Journey Medical Corporation Journey Medical Corporation (Nasdaq: DERM) (Journey Medical) is a commercial-stage pharmaceutical company that primarily focuses on the selling and marketing of U.S. Food and Drug Administration-approved prescription pharmaceutical products for the treatment of dermatological conditions through its efficient sales and marketing model. The Journey Medical team comprises industry experts with extensive experience in developing and commercializing some of dermatologys most successful prescription brands. Forward-looking statements are based on managements current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price.