Leading Healthcare Investor Provides TherapeuticsMD with Strategic
Growth Capital
Non-Dilutive Funding Supports the Launches of BIJUVATM and
ANNOVERATM
BOCA RATON, Fla.--(BUSINESS WIRE)--Apr. 24, 2019--
TherapeuticsMD, Inc. (NASDAQ:TXMD), an innovative, leading women’s
healthcare company, today announced that it has closed its previously
disclosed $300 million non-dilutive secured term loan financing facility
with TPG Sixth Street Partners (“TSSP”), the global finance and
investment business in strategic partnership with TPG, the global
alternative asset firm.
The TSSP term loan facility will be available to the company in three
tranches:
- The initial tranche of $200 million was drawn by TherapeuticsMD
at the closing of the facility;
- $50 million will be available upon the designation of ANNOVERA as a
new category of birth control by the U.S. Food and Drug Administration
on or prior to December 31, 2019; and
- $50 million will be available upon TherapeuticsMD achieving
$11 million in net revenues from IMVEXXY®,
BIJUVA and ANNOVERA for the fourth quarter of 2019.
Borrowings under the TSSP term loan facility will accrue interest at
3-month LIBOR plus 7.75%, subject to a LIBOR floor of 2.70%. Interest on
amounts borrowed under the facility will be payable quarterly. The
outstanding principal amount of the term loan facility will be payable
in four equal quarterly installments beginning on June 30, 2023, with
the term loan facility maturing on March 31, 2024.
In connection with the closing of the TSSP facility, TherapeuticsMD
terminated its term loan credit and security agreement with MidCap
Financial Trust, managed by Apollo Capital Management, L.P. A portion of
the initial tranche of the TSSP term loan facility was used to repay
all amounts outstanding under the MidCap agreement.
About TPG Sixth Street Partners (TSSP)
TPG Sixth Street Partners (TSSP) is a global finance and investment
business with over $30 billion in assets under management. Co-founded in
2009 by Managing Partner Alan Waxman and TSSP’s management team, the
firm’s long-term oriented, highly flexible capital base allows it to
invest across industries, geographies, capital structures and asset
classes. TSSP focuses on partnering with businesses and management teams
to create fully committed financing solutions. The firm also makes
investments in both private and public companies and assets. TSSP is in
a strategic partnership with TPG, the global alternative asset firm. For
more information, visit www.tssp.com.
About TherapeuticsMD, Inc.
TherapeuticsMD, Inc. is an innovative, leading healthcare company,
focused on developing and commercializing novel products exclusively for
women. Our products are designed to address the unique changes and
challenges women experience through the various stages of their lives
with a therapeutic focus in family planning, reproductive health, and
menopause management. The company is committed to advancing the health
of women and championing awareness of their healthcare issues. To learn
more about TherapeuticsMD, please visit www.therapeuticsmd.com
or follow us on Twitter: @TherapeuticsMD and on Facebook: TherapeuticsMD.
Forward-Looking Statements
This press release by TherapeuticsMD, Inc. may contain forward-looking
statements. Forward-looking statements may include, but are not limited
to, statements relating to TherapeuticsMD’s objectives, plans and
strategies as well as statements, other than historical facts, that
address activities, events or developments that the company intends,
expects, projects, believes or anticipates will or may occur in the
future. These statements are often characterized by terminology such as
“believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,”
“will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and
similar expressions and are based on assumptions and assessments made in
light of management’s experience and perception of historical trends,
current conditions, expected future developments and other factors
believed to be appropriate. Forward-looking statements in this press
release are made as of the date of this press release, and the company
undertakes no duty to update or revise any such statements, whether as a
result of new information, future events or otherwise. Forward-looking
statements are not guarantees of future performance and are subject to
risks and uncertainties, many of which are outside of the company’s
control. Important factors that could cause actual results, developments
and business decisions to differ materially from forward-looking
statements are described in the sections titled “Risk Factors” in the
company’s filings with the Securities and Exchange Commission, including
its most recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, as well as reports on Form 8-K, and include the following: the
company’s ability to maintain or increase sales of its products; the
company’s ability to develop and commercialize IMVEXXY®,
ANNOVERA™, BIJUVA™ and its hormone therapy drug
candidates and obtain additional financing necessary therefor; whether
the company will be able to comply with the covenants and conditions
under its term loan facility; the potential of adverse side effects or
other safety risks that could adversely affect the commercialization of
the company’s current or future approved products or preclude the
approval of the company’s future drug candidates; the length, cost and
uncertain results of future clinical trials; the company’s reliance on
third parties to conduct its manufacturing, research and development and
clinical trials; the availability of reimbursement from government
authorities and health insurance companies for the company’s products;
the impact of product liability lawsuits; the influence of extensive and
costly government regulation; the volatility of the trading price of the
company’s common stock and the concentration of power in its stock
ownership. PDF copies of the company’s historical press releases and
financial tables can be viewed and downloaded at its website: www.therapeuticsmd.com/pressreleases.aspx.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190424006067/en/
Source: TherapeuticsMD, Inc.
Investor Contact
Nichol Ochsner
Vice
President, Investor Relations
561-961-1900, ext. 2088
Nochsner@TherapeuticsMD.com
