MONTREAL, Sept. 3,
2024 /CNW/ - Valeo Pharma Inc. (TSX: VPH) (FSE:
VP2) ("Valeo" or the "Company"), a Canadian
pharmaceutical company, today announced that it has entered into an
agreement (the "Amendment") with Sagard Healthcare Royalty
Partners, LP ("Sagard"),
which amends the Secured Term Loan (the "Facility'') entered
into between Valeo and Sagard in
July 2022.
The Facility is amended to provide, among other things, an
extension until September 6, 2024,
which date can be extended thereafter for successive one-week
periods, at Sagard's sole
discretion, for the first $10 million
repayment ("First Repayment") by Valeo, originally scheduled
for August 31, 2024. Pursuant to the
Amendment, and regardless of the extension of the First Repayment,
Valeo will make an immediate repayment in an amount equal to
US$4,800,000 (approx. C$6,500,000) which will reduce the principal
amount owed by Valeo on the Facility. Other obligations to
meet certain minimum liquidity requirements have also been extended
to September 30, 2024.
"We are grateful to our lenders for their continued support and
the provided extension for the first $10
million repayment originally due at the end of August 2024", said Al
Moghaddam, CEO. "The additional financial flexibility
provided should enable us to execute on our plan and advanced
ongoing initiatives we are currently working on to optimize our
financial situation".
About Valeo Pharma Inc.
Valeo Pharma is a Canadian pharmaceutical company dedicated to
the commercialization of innovative prescription products in
Canada with a focus on
Respiratory, 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
Forward-looking statements are statements and information
regarding possible events, conditions or results of operations that
are based upon assumptions about future economic conditions and
courses of action. All statements and information other than
statements of historical fact may be forward-looking statements. In
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of words such as "seek", "expect", "anticipate", "budget", "plan",
"estimate", "continue", "forecast", "intend", "believe", "predict",
"potential", "target", "may", "could", "would", "might", "will" and
similar words or phrases (including negative variations) suggesting
future outcomes or statements regarding an
outlook.
Forward-looking information is subject to known and unknown
risks, uncertainties and other factors that may cause actual
results to be materially different from those expressed or implied
by such forward-looking information, including but not limited to:
reliance on third-party suppliers and manufacturers, the
availability of additional funding, common risks for pharmaceutical
products, including product liability claims, insurance and
recalls, registration risks in certain jurisdictions, the inability
to implement Valeo's strategy to grow the business, dependence on
key management personnel and executives, competition, currency
fluctuations and the risks, uncertainties and other factors
contained in the section entitled "Risk Factors" in Valeo's annual
information form dated January 29,
2024, a copy of which is available on Valeo's Sedar+ profile
at www.sedarplus.ca.
Actual events or results may differ materially from those
anticipated in these forward-looking statements if known or unknown
risks affect Valeo's business, or if Valeo's estimates or
assumptions turn out to be inaccurate. Valeo undertakes no
obligation to update publicly, or otherwise revise, any
forward-looking statements, whether as a result of new information
or future events or otherwise, except as may be required by law. If
Valeo does update one or more forward-looking statements, no
inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements, unless
required by law.
SOURCE Valeo Pharma inc.
