Jaguar Health Signs Definitive Agreement for $ 5 Million Non-Dilutive Funding Transaction Involving the Sale of Royalty Rights Related to a Potential Future Revenue Stream Related to Crofelemer’s COVID Indication (Mytesi)
No royalty payment due for 36 months
The company has started identifying thought-leader physicians in the United States as well as Europe who focus on treating the symptoms – including gastrointestinal distress – that afflict a significant proportion of COVID-19 survivors during a prolonged period after healing
SAN FRANCISCO, CA / ACCESSWIRE / March 9, 2021 / Jaguar Health, Inc. (NASDAQ: JAGX) (“Jaguar” or the “Company”) today announced that the Company has entered into the definitive agreement (the “Agreement”) relating to the previously announced list of conditions for a third non-dilutive royalty financing transaction, whereby Jaguar sells to the lender for an aggregate purchase price of $ 5 million (the “royalty purchase price”) a royalty on a potential future crofelemer (Mytesi®) sales of the proposed indication related to COVID in long-haul patients (as defined below), for which the Company is currently exploring the path of conditional marketing authorization in the European Union. The COVID-related indication is the initial indication to be pursued by Napo EU, the exclusive target of the special-purpose acquisition company Dragon (the “Dragon SPAC”), which is expected to be listed on AIM Italia.
“We are very pleased to have secured an additional $ 5 million in non-dilutive funding to fund pipeline opportunities for crofelemer (Mytesi),” said Lisa Conte, Founder, President and CEO of Jaguar. “We continue to actively investigate the long-haul opportunity and have begun to identify thought-leader physicians in the United States, as well as Europe, focused on treating symptoms – including gastrointestinal distress. gut – which afflict a significant proportion of COVID-19 survivors. for an extended period after recovery. Long-haul syndrome is now a recognized disease in the United States, where there are at least 125 clinics dedicated to the treatment of long-haul patients. “
Jaguar intends to use the proceeds of the proposed transaction to support regulatory activities associated with the Company’s development pipeline, including supporting the crofelemer development program for the prophylaxis and / or symptomatic relief of inflammatory diarrhea. , initially to be investigated in a long-haul COVID -19 recovering patient population (the “COVID-related indication”). This $ 5 million royalty financing transaction follows a $ 6 million royalty transaction concluded in October 2020 and a $ 6 million royalty transaction concluded in December 2020 with the lender’s affiliates.
Further details on the transaction can be found in the company’s current report on Form 8-K to be filed with the Securities and Exchange Commission on or around March 10, 2021.
Mytesi (crofelemer delayed-release tablets), the only oral herbal prescription drug approved under FDA botanical guidelines, is a new, first-class anti-secretory agent that has a basic normalizing effect topically on the body. intestine, and this mechanism of action has the potential to benefit multiple disorders. Mytesi is a non-opioid chloride ion channel modulating antidiarrheal drug that is approved in the United States by the FDA for the symptomatic relief of non-infectious diarrhea in adults with HIV / AIDS on antiretroviral therapy.
About Jaguar Health, Inc. and Napo Pharmaceuticals, Inc.
Jaguar Health, Inc. is a commercial-stage pharmaceutical company focused on the development of novel, herbal, non-opioid, and derivative prescription drugs in a sustainable manner for people and animals with gastrointestinal disorders, particularly chronic and debilitating diarrhea. Our wholly owned subsidiary, Napo Pharmaceuticals, Inc., is focused on the development and commercialization of proprietary human gastrointestinal pharmaceuticals plant-based from plants responsibly harvested from rainforest areas. Our Mytesi® (crofelemer) is approved by the US FDA for the symptomatic relief of non-infectious diarrhea in adults with HIV / AIDS on antiretroviral therapy and the only oral herbal prescription drug approved under the botanical guidelines of the FDA.
Mytesi® (crofelemer delayed-release tablets) is an antidiarrhoeal drug indicated for the symptomatic relief of non-infectious diarrhea in adult patients with HIV / AIDS on antiretroviral therapy (ART). Mytesi® is not indicated for the treatment of infectious diarrhea. Rule out infectious etiologies of diarrhea before starting Mytesi®. If infectious etiologies are not taken into account, there is a risk that patients with infectious etiologies will not receive the appropriate treatment and their disease will worsen. In clinical studies, the most common side effects occurring at a rate greater than placebo were upper respiratory tract infections (5.7%), bronchitis (3.9%), cough (3.5%) ), flatulence (3.1%) and increased bilirubin (3.1%).
Further information and full prescribing information can be found at Mytesi.com. Crofelemer, the active ingredient in Mytesi®, is a botanical (herbal) medicine extracted and purified from the red bark sap of the medicine Lechleri croton tree in the Amazon rainforest. Napo has implemented a sustainable harvest program for crofelemer to ensure a high degree of quality and ecological integrity.
Certain statements contained in this press release constitute “forward-looking statements”. These include statements regarding the expectation for Dragon SPAC to be listed on AIM Italia, and the Company’s belief that Mytesi’s mechanism of action has the potential to benefit multiple disorders. In some cases, you can identify forward-looking statements by words such as “may”, “will”, “should”, “expect”, “plan”, “aim”, “anticipate”, “might”, “intend,” “target”, “project”, “contemplate”, “believe”, “estimate”, “predict”, “potential” or “continue” or the negative of these or other similar terms . The forward-looking statements in this press release are only predictions. Jaguar has based these forward-looking statements in large part on its current expectations and projections regarding future events. These forward-looking statements speak only as of the date of this press 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 intend to publicly update or revise any forward-looking statements contained herein, whether as a result of new information, future events, changes in circumstances or otherwise.
Jaguar Health, Inc.
THE SOURCE: Jaguar Health, Inc.
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