MONTREAL, Sept. 27,
2023 /CNW/ - Valeo Pharma Inc. (TSX: VPH) (OTCQB:
VPHIF) (FSE:VP2) ("Valeo" or the "Company"), a
Canadian pharmaceutical company, announced today that it has
entered into a credit facility agreement with Accord Financial
Inc.
The $5 million credit facility is
secured by a first rank lien on the Corporation's short term
assets, and bears interest at the Scotiabank's prime rate plus an
applicable margin. Borrowings under the credit facility are
expected to be used for working capital and other general corporate
purposes.
"Securing this new credit facility provides us with additional
financial liquidity and increased flexibility to support our
long-term growth strategy," said Luc
Mainville, CFO. "Accessing non-dilutive capital to augment
our existing cash reserve is an important milestone as we
accelerate our path towards profitability."
About Valeo Pharma Inc.
Valeo Pharma is a fast growing Canadian pharmaceutical company
dedicated to the commercialization of innovative prescription
products in Canada with a focus on
Respiratory/Allergy, Ophthalmology and Hospital Specialty Products.
Headquartered in Kirkland, Quebec
Valeo Pharma has all the required capabilities and the full
infrastructure to register and properly manage its growing product
portfolio through all stages of commercialization. For more
information, please visit www.valeopharma.com and follow us on
LinkedIn and Twitter.
Forward Looking
Statements
This press release contains forward-looking statements about
Valeo's objectives, strategies and businesses that involve risks
and uncertainties. These statements are "forward-looking" because
they are based on our current expectations about the markets we
operate in and on various estimates and assumptions. Actual events
or results may differ materially from those anticipated in these
forward-looking statements if known or unknown risks affect our
business, or if our estimates or assumptions turn out to be
inaccurate.
SOURCE Valeo Pharma Inc.