SAN FRANCISCO--(BUSINESS WIRE)--Aug. 19, 2015--
Jaguar Animal Health, Inc. (NASDAQ:JAGX) (“Jaguar” or the “Company”), an
animal health company focused on developing and commercializing
first-in-class gastrointestinal products for companion and production
animals, announced today that it has obtained a senior secured term loan
facility (the “Loan Facility”) for up to $8 million, subject to
specified conditions, with Hercules Technology Growth Capital, Inc. The
initial $6,000,000 of the Loan Facility was drawn on August 18, 2015.
The Loan Agreement contains a minimum cash covenant of up to $4,500,000
which can be reduced or eliminated with the achievement of certain
milestones. An additional $2 million is available contingent on further
milestones, all as set forth in the Loan Facility.
The Company intends to use the loan proceeds to finance clinical
activities, commercialization, and general working capital.
The Loan Facility has an initial term of approximately 36 months
maturing on August 1, 2018, with an interest-only period through
February 29, 2016, and amortized payments of principal and interest
thereafter. The Company has an option to extend the maturity date to
February 1, 2019 and the interest-only period through August 31, 2016
upon the satisfaction of certain performance milestones and the Company
electing to borrow the additional $2,000,000 if available, all on the
terms and conditions set forth in the Loan Agreement.
“We are pleased to complete this fundraising to support ongoing clinical
activities for our potential drug candidates,” commented Lisa Conte,
Jaguar’s President and CEO. “Most importantly, this financing extends
our cash runway as we remain on track to bring our first prescription
product for dogs with chemotherapy-induced diarrhea, Canalevia™,
to market in early 2016, as well as expand our ongoing commercial
opportunities with Neonorm.”
About Jaguar Animal Health, Inc.
Jaguar Animal Health, Inc. is an animal health company focused on
developing and commercializing first-in-class gastrointestinal products
for companion and production animals. Canalevia™ is Jaguar’s
lead prescription drug product candidate for the treatment of various
forms of watery diarrhea in dogs. Neonorm™ Calf is the
Company’s lead non-prescription product. Canalevia is a canine-specific
formulation of crofelemer, an active pharmaceutical ingredient isolated
and purified from the Croton lechleri tree, which is sustainably
harvested. Neonorm is a standardized botanical extract derived from the Croton
lechleri tree. Canalevia and Neonorm are distinct products that act
at the same last step in a physiological pathway generally present in
mammals. Jaguar has filed nine Investigational New Animal Drug
applications, or INADs, with the FDA and intends to develop
species-specific formulations of Neonorm in six additional target
species, and formulations of Canalevia for cats, horses and dogs.
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. (NYSE:HTGC) (“Hercules”) is the
leading specialty finance company focused on providing senior secured
loans to venture capital-backed companies in technology-related
industries, including technology, biotechnology, life science, and
energy & renewable technology, at all stages of development. Since
inception (December 2003), Hercules has committed more than $5.4 billion
to over 325 companies and is the lender of choice for entrepreneurs and
venture capital firms seeking growth capital financing. Companies
interested in learning more about financing opportunities should contact info@htgc.com,
or call 650-289-3060.
For more information, please visit www.jaguaranimalhealth.com.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking
statements.” These include statements regarding the anticipated launch
of Canalevia in early 2016 and the possible expansion of
ongoing commercial opportunities with Neonorm. In some cases, you can
identify forward-looking statements by terms such as “may,” “will,”
“should,” “expect,” “plan,” “aim,” “anticipate,” “could,” “intend,”
“target,” “project,” “contemplate,” “believe,” “estimate,” “predict,”
“potential” or “continue” or the negative of these terms or other
similar expressions. The forward-looking statements in this release are
only predictions. Jaguar has based these forward-looking statements
largely on its current expectations and projections about future events.
These forward-looking statements speak only as of the date of this
release and are subject to a number of risks, uncertainties and
assumptions, some of which cannot be predicted or quantified and some of
which are beyond Jaguar’s control. Except as required by applicable law,
Jaguar does not plan to publicly update or revise any forward-looking
statements contained herein, whether as a result of any new information,
future events, changed circumstances or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150819006162/en/
Source: Jaguar Animal Health, Inc.
KCSA Strategic Communications
Garth Russell, 212-896-1250
grussell@kcsa.com
Tram
Bui, 212-896-1290
tbui@kcsa.com
Jaguar-JAGX
