AUSTIN, TX /ACCESSWIRE / July 20, 2020 / Apollo Endosurgery, Inc. (“Apollo”) (NASDAQ: APEN), a global leader in less invasive medical devices for gastrointestinal and bariatric procedures, announced today that it has signed final agreements for $2 five million in equity financing. At the same time, Apollo entered into an amendment to its loan and issuance agreement, dated March 2019, with Solar Capital Ltd. (“Solar”), to amend the contract. In addition, Apollo provided an initial update of quarterly announcements.
“This equity financing will emerge with capital to drive the recovery of our business after the disruption of the COVID-1 market position and finance the long-term launch of our new X-Tack product ™ in early 2021. It also demonstrates the help and conviction of our current shareholders in consistent with the expansion opportunities of our cutting-edge products,” said Todd Newton, CEO of Apollo. “At the time of a quarter, we expect to report revenue of approximately $5.6 million, which is higher than expected in the first place when the COVID-1 pandemic began. After an inconsistent and blunt slowdown in April, sales have been advanced due to the birth of May. This positive trend is visible in the United States, where our endoscopy sales in June 2020 accounted for about nine percent of our sales of nine Products in June 201. Recovery trends have been similar in our direct market positions outside the U.S. slow down the pace of recovery.”
Stefanie Cavanaugh, Apollo’s chief financial officer, said: “The amendment to the credit agreement we held at the same time as equity financing eliminates all minimum currencies in commitments for anything else in 2020 and therefore diminishes our threat of coVID-19 short-term market position. We ended the quarter with $19.7 million in currencies and liquidity that were issued for restrictions and in full compliance with our credit agreement due to the overall liquidity preservation plan recently announced by the Company. Our goal was to aggressively manage expenses for our liquidity use at a time when a quarter was consistent with the quarters leading up to the pandemic. We have completed this goal while advancing key long-term expansion projects like X-Tack ™. In the future, thoroughly decrease the finish to help Apollo recover as we proceed to control our liquidity.”
Capital financing and solar loan modification
On July 17, 2020, Apollo entered into final agreements to sell the non-common shares of the Compabig apple and the pre-financed guarantees in connection with a non-public placement to buy non-common shares of the Compabig apple for $2 five million in gross revenue, before deducting the investment agent and receiving agent. fees and expenses. This circular was financed through existing shareholders and accredited investors, adding institutional and affiliated investors from one of Apollo’s directors. Apollo plans to impose pre-financed shares and warrants on or around July 22, 2020, to satisfy the latest popular conditions.
Apollo will sell 2,480,000 consistent percentages not uncommon at an acquisition charge consistent with a consistent percentage of $1.2 five and pre-financed warrants to buy 17, five20,000 consistent percentages not uncommon to a pre-financed acquisition charge consisting of a warrant of $1.2 five, $0.001 consistent with the consistent percentage under the pre-financed warrants. Apollo has a tendency to exploit the proceeds from the sale of consistent percentages and pre-financed guarantees for general and capital business needs.
Craig-Hallum Capital Group acts as the exclusive investment agent in this transaction.
Pre-financed shares and warrants sold in connection with the position itself and the shares underlying the pre-financed warrants were not registered under the Securities Act of 1933, as amended, or the state’s securities law and may not be filed or sold in the United States in the absence of registration with the Seassities and Exreposition Comassignment (SEC) or an applicable exemption from those registration requirements. Apollo agreed to register a record with the SEC that records the resale of common stocks sold as a component of own financing and the average shares underlying the pre-financed warrants.
This press release does not constitute a provision to sell or the soliquotation of a provision to purchase such securities, and there may be no sale of such securities in a large state or jurisdiction of Apple where such provision, soliquotation or sale would be unlawful.
In addition to its own placement, Apollo has modified its loan and security contract with Solar Capital Ltd. to forgo endoscopy coins in essentials for six months for anything else from 2020 and minimize the minimum liquidity requirement from $20 indirectly to $12.five million.
Preliminary moment quarterly update of operations
Total coins are expected to be approximately $5.6 million for the 3 months ended June 30, 2020, approximately 60% less than the 3 months ended June 30, 2019.
Cash, restricted cash and cash equivalents at June 30 were $19.7 million.
Apollo submitted a 510k to the Food and Drug Administration for the X-Tack ™ HeliX endoscopic fixation formula designed for near defects in the minimal gastrointestinal tract with additional programs in the major gastrointestinal tract.
The journal Clinical Gastroenterology and Hepatology published the outcome of a Mayo Clinic study on the use of Orbera for NASH therapy, reporting that 65% of patients completed a NASH RESOLUTION and an improvement in several additional parameters.
Apollo has received approvals or approvals to market its endoscopy products in seven countries. The Company’s products may be sold through new or existing third-party suppliers in those market positions.
The combined apple continued to produce medical education through virtual platforms, adding a foreign webinar that involved more than 300 participants on the benefits of endolummer suture in basic gastrointestinal procedures and a webinar assisted through a virtugreatest friend 500 participants to discuss bariatric endolumic suture applications.
About Apollo Endosurgery, Inc.
Apollo Endosurgery, Inc. is a medical-generation apple focused on less invasive remedies to treat gastrointestinal conditions, ranging from gastrointestinal defects to interventional obesity treatments. Remedies founded by Apollo are an alternative procedure to invasive surgical procedures, thus reducing complication rates and overall physical fitness costs. Apollo products can be obtained today in more than 7 countries and come with the OverStitch ™ endoscopic suture formula, the OverStitch Sx endoscopic suture formula ™ and the ORBERA intragastric balloon.
Apollo’s common shares are traded in the NASDAQ global market position under the symbol “APEN”. For additional information about Apollo Endosurgery, visit: www.apolloendo.com.
Caution in forward-looking statements
Certain statements contained in this press release are forward-looking statements under federal securities laws, which add, but are not limited to, statements on pronified receivables in relation to the position itself, the expected economic effects for the time a quarter of 2020, the outlok for the third quarter of 2020, and the expected long-term resumption of sales , which are a problem for the dangers and uncertainties that can also have effects, especially others, on expectations. In addition, there is uncertainty about the spread of the COVID-1nine virus and its possible influence on Compabig apple operations, demand for Compabig apple products, global chains of origin and overall economic activity. Important points that can also cause significant differences between genuine effects also include: delays or denials of regulatory approvals, extensive regulatory oversight through the FDA or other regulators, reports of difficult parts applicable with our products, result of clinical studies, advances in medical technology, adverse media policy applicable with our applicable products or procedures. , decisions to reimburse its own or governmental payers, adopting the physician and recommendations of our products or procedures that use our products and other detailed points, one and from time to time, in Apollo’s reports to the Securities and Exhibition Commission, or SEC, adding your Form 10-K for the year ended December 31, 201nine and your Form 10-Q for the quarter ended March 31 2020. Copies of reports filed with the SEC are posted on Apollo’s website and can be obtained on Apollo for free. These forward search statements do not appear to be promises of long-term functionality and are valid only from the date here, and, unless required by law, Apollo denies abig apple directly to update such forward search statements to reflect long-term parts or circumstances.
Contact:
Apollo Endosurgery, Inc. Stefanie Cavanaugh, [email protected]
Investor Relations of Darrow Associates Matt Kreps, [email protected]
SOURCE: Apollo Endosurgery, Inc.
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