Press release
SWK Holdings Highlights Recent Achievements and Provides Portfolio Update
DALLAS, July 17, 2023 /PRNewswire/ -- SWK Holdings Corporation (Nasdaq: SWKH) ("SWK" or the "Company"), a life science-focused specialty finance company
About this update from Eton Pharmaceuticals, Inc.
[{"type":"text","content":"DALLAS, July 17, 2023 /PRNewswire/ -- SWK Holdings Corporation (Nasdaq: SWKH) (\"SWK\" or the \"Company\"), a life science-focused specialty finance company catering to small and mid-sized commercial-stage companies, today provided a corporate progress update as well as a summary of the achievements of its borrower partners. \n\n \n \n \n \n \n \n\n \n\"During the second quarter of 2023 SWK advanced our 2023 objectives including securing a new four-year credit facility with First Horizon Bank with $45 million committed at close,\" stated Jody Staggs, President and CEO of SWK. \"This credit facility enables us to be a reliable source of funding for our borrower partners during a time when capital available to the life sciences sector is facing pressure. We remain focused on growing our value per share and during the second quarter we repurchased 272,492 shares for $4.6 million, or $16.88 per share. Year-to-date we have repurchased over 301,000 shares for $5.1 million, or $17.03 per share. We view repurchasing shares at the current discount to book as a highly accretive use of capital that benefits shareholders.\"\nMr. Staggs continued: \"Despite macroeconomic headwinds, the majority of our portfolio continues to perform as expected, and SWK remains well positioned due to our focus on financing differentiated life science companies that address unmet medical needs, which we believe will capture market share. Our healthy balance sheet with minimal leverage and ongoing share repurchase program provides us bandwidth to continue to deploy capital in companies that have the potential to drive health care innovation and deliver positive returns to our shareholders.\"\nSWK Holdings Portfolio Updates \nFlowonix MedicalDuring June, Algorithm Sciences, Inc. purchased the assets of Flowonix Medical. SWK has received $1.5mm of proceeds from the sale and anticipates receiving approximately $0.5 million in additional proceeds from the estate. SWK will also receive royalties on sales of the Prometra pump for existing indications as well as royalties on sales of Algorithm's PulmoProst therapy for Pulmonary Arterial Hypertension, which uses the Prometra pump. \nSWK will provide an update on the Flowonix finance receivable in our second quarter earnings release. \nSWK Holdings Borrower Partner Achievements \nAziyo Biologics, Inc.\nAziyo Biologics (...