MONTREAL, Sept. 3, 2024 /CNW/ - Valeo Pharma Inc. (TSX: VPH) (FSE: VP2) ("Valeo" or the "Company"), a Canadian pharmaceutical company, today announced that it has entered into an agreement (the "Amendment") with Sagard Healthcare Royalty Partners, LP ("Sagard"), which amends the Secured Term Loan (the "Facility'') entered into between Valeo and Sagard in July 2022.
The Facility is amended to provide, among other things, an extension until September 6, 2024, which date can be extended thereafter for successive one-week periods, at Sagard's sole discretion, for the first $10 million repayment ("First Repayment") by Valeo, originally scheduled for August 31, 2024. Pursuant to the Amendment, and regardless of the extension of the First Repayment, Valeo will make an immediate repayment in an amount equal to US$4,800,000 (approx. C$6,500,000) which will reduce the principal amount owed by Valeo on the Facility. Other obligations to meet certain minimum liquidity requirements have also been extended to September 30, 2024.
"We are grateful to our lenders for their continued support and the provided extension for the first $10 million repayment originally due at the end of August 2024", said Al Moghaddam, CEO. "The additional financial flexibility provided should enable us to execute on our plan and advanced ongoing initiatives we are currently working on to optimize our financial situation".
About Valeo Pharma Inc.
Valeo Pharma is a Canadian pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Respiratory, Ophthalmology and Hospital Specialty Products. Headquartered in Kirkland, Quebec Valeo Pharma has all the required capabilities and the full infrastructure to register and properly manage its growing product portfolio through all stages of commercialization. For more information, please visit www.valeopharma.com and follow us on LinkedIn and Twitter.
Forward Looking Statements
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Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: reliance on third-party suppliers and manufacturers, the availability of additional funding, common risks for pharmaceutical products, including product liability claims, insurance and recalls, registration risks in certain jurisdictions, the inability to implement Valeo's strategy to grow the business, dependence on key management personnel and executives, competition, currency fluctuations and the risks, uncertainties and other factors contained in the section entitled "Risk Factors" in Valeo's annual information form dated January 29, 2024, a copy of which is available on Valeo's Sedar+ profile at www.sedarplus.ca.
Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect Valeo's business, or if Valeo's estimates or assumptions turn out to be inaccurate. Valeo undertakes no obligation to update publicly, or otherwise revise, any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law. If Valeo does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.
SOURCE Valeo Pharma inc.
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