Journey Medical secures up to $20M credit facility from SWK Holdings for DFD-29 launch and general purposes

Journey Medical Corp

Entered into credit facility with SWK Funding LLC for up to $20M; initial draw of $15M on Dec 27, 2023.
Additional $5M available within 12 months subject to operational and financial milestones.
Term loan matures Dec 27, 2027; interest rate = 3-month SOFR (floor 5%) + 7.75%, quarterly payments.
Funds to support general corporate purposes and DFD-29 NDA submission and potential commercial launch.
Prepayment premium: 2% if within 1 year, 1% if between 1-2 years, 0% thereafter; exit fee of 5% of original principal.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Journey Medical Corp entered into Credit Agreement with SWK Funding LLC valued at up to $20 million (effective 2023-12-27).

Action: entry
Agreement: credit facility
Counterparty: SWK Funding LLC
Value: up to $20 million
Effective: 2023-12-27

Exact text from the filing

On December 27, 2023 (the “ Closing Date ”), Journey Medical Corporation (the “ Company ”) entered into a Credit Agreement (the “ Credit Agreement ”), by and among the Company and SWK Funding LLC and the other the financial institutions party thereto from time to time, as lenders. The Credit Agreement provides for a term loan facility (the “ Credit Facility ”) in the original principal amount of up to $20 million.

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Journey Medical Corp filing history →

Source: SEC EDGAR

accession 0001104659-24-000325

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