Business
Aytu BioScience Announces $15 Million Debt Retirement
Company Retires $15M Obligation Assumed with Previously Announced Cerecor Commercial Portfolio Asset PurchaseCompany's Debt Reduced to Approximately $1
About this update from Aytu Biopharma, Inc.
[{"type":"text","content":"Company Retires $15M Obligation Assumed with Previously Announced Cerecor Commercial Portfolio Asset PurchaseCompany's Debt Reduced to Approximately $1 MillionENGLEWOOD, CO / ACCESSWIRE / June 1, 2020 / Aytu BioScience, Inc. (NASDAQ:AYTU), a specialty pharmaceutical company (the \"Company\") focused on commercializing novel products that address significant medical needs, today reported that the Company has retired $15 million of a payment obligation (the \"Balloon Payment Obligation\") owed to Deerfield CSF, LLC and affiliated parties (the \"Deerfield Parties\"). This early payment has satisfied the previously described $15 million Balloon Payment Obligation that was assumed through the Company's purchase of the former Cerecor prescription product portfolio (the \"Commercial Portfolio\") announced on November 4, 2019.Josh Disbrow, Chief Executive Officer of Aytu BioScience, commented, \"We are pleased to have retired the $15 million obligation that represents the bulk of the overall fixed amounts payable to Deerfield following our assumption of this responsibility that came as part of the acquisition of the Cerecor commercial portfolio last fall. By making this early payment, the Company has removed a large debt overhang, leaving only the $86,840 fixed monthly payments owed to Deerfield through the end of January 2021. Following the removal of this obligation, and with the large cash infusion we've had over the preceding two months, the Company's cash balance remains strong and the Company's debt load is reduced to approximately $1 million.\"The details of the Company's early payment of the Balloon Payment Obligation are included on Form 8-K which was filed with the Securities and Exchange Commission today.About Aytu BioScience, Inc.Aytu BioScience, Inc. is a commercial-stage specialty pharmaceutical company focused on commercializing novel products that address significant patient needs. The Company currently markets a portfolio of prescription products addressing large primary care and pediatric markets. The primary care portfolio includes (i) Natesto®, the only FDA-approved nasal formulation of testosterone for men with hypogonadism (low testosterone, or \"Low T\"), (ii) ZolpiMist™, the only FDA-approved oral spray prescription sleep aid, and (iii) Tuzistra® XR, the only FDA-approved 12-hour codeine-based antitussive syrup. ...