Business
Jaguar Health and its Subsidiary, Napo Pharmaceuticals, Enter into a Second Amendment to the Accounts Receivable Purchase Agreement with Oasis Capital, LLC, Dated May 12, 2020
SAN FRANCISCO, CA / ACCESSWIRE / August 14, 2020 / Jaguar Health, Inc. (NASDAQ:JAGX) today announced that Jaguar and its wholly owned subsidiary, Napo
About this update from Jaguar Health, Inc.
[{"type":"text","content":"SAN FRANCISCO, CA / ACCESSWIRE / August 14, 2020 / Jaguar Health, Inc. (NASDAQ:JAGX) today announced that Jaguar and its wholly owned subsidiary, Napo Pharmaceuticals, Inc., (collectively, the \"Company\") have jointly entered into a second amendment to the accounts receivable purchase agreement with Oasis Capital, LLC (\"Oasis\"), dated May 12, 2020, pursuant to which Oasis agreed to purchase additional accounts receivable of the Company related to the sales of the Company's Mytesi® drug product to Cardinal Health for the period of June 29, 2020 through August 4, 2020 (the \"Summer 2020 Accounts Receivable\"). The Summer 2020 Accounts Receivable have a gross value of $3,152,545.\"We are pleased to enter into this additional amendment with Oasis. Based on the success of the first two tranches of accounts receivable financing, we have been able to further our strategy of bringing in non-dilutive capital and striving to become a stable, cash flow positive commercial business,\" said Lisa Conte, Jaguar's president and CEO.Per the terms of the agreement, Oasis will receive a fee of 5.45% (the \"Fee\") of the $3,152,545.48 Summer 2020 Accounts Receivable following their purchase of the Summer 2020 Accounts Receivable for $1,339,831.83, an increased percentage of the gross accounts receivable compared to the April 2020 purchase (the \"Purchase Price\"). As with the April 2020 sales of Mytesi, Oasis will return to the Company any amount that exceeds the sum of the Purchase Price and the Fee. As with all Mytesi gross sales, the Summer 2020 Accounts Receivable will be reduced by Medicare, ADAP 340B chargebacks, returns, and wholesale distribution fees based on historical trends to determine net sales.Under the amendment, Oasis is entitled to a one-time transaction fee of $5,000.About Jaguar Health, Inc. and Napo Pharmaceuticals, Inc.Jaguar Health, Inc. is a commercial stage pharmaceuticals company focused on developing novel, plant-based, non-opioid, and sustainably derived prescription medicines for people and animals with GI distress, specifically chronic, debilitating diarrhea. Our wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human gastrointestinal pharmaceuticals from plants harvested responsibly from rainforest areas. Our Mytesi® (crofelemer) product is approv...