ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), an
end-to-end commercial biopharmaceutical company dedicated to
manufacturing, marketing, and developing specialty plasma-derived
biologics, today announced the Company has amended the terms of
its existing senior credit facility with Hayfin Capital
Management (“Hayfin”), which matures in March 2027.
“This credit agreement amendment with Hayfin enhances the
Company’s already strong financial position by reducing our
interest rate as well as providing for greater prepayment
flexibility as ADMA continues to explore value creating
opportunities for its stockholders,” said Adam Grossman, President
and Chief Executive Officer of ADMA. “We appreciate Hayfin's
continued support and collaboration of our efforts as ADMA
continues on its path to profitability."
“We commend the ADMA team for their continued execution, and we
are pleased to be amending the credit terms to account for the
Company’s improving financial prospects on the pathway to
profitability,” said Howard Rowe, Managing Director of Hayfin. “Our
continued commitment to ADMA and our willingness to amend the
previously underwritten terms speak to the above-expectation
commercial execution.”
The amended credit agreement provides for multiple favorable
changes. First, there will be a reduction of 1% in the nominal
interest expense on ADMA’s current note. This will result in a
lowered borrowing rate of SOFR + 8.50%. Included in this base rate,
and consistent with the existing terms of the Hayfin facility, the
Company may elect to pay up to 2.50% of the interest in kind, with
the remaining portion of the interest payable in cash. Secondly,
within the first 24 months after the amendment closing date, among
other provisions, there will be a newly structured 50% waiver of
the prepayment fee in connection with an acquisition of the Company
or other strategic transactions. Taken together, we believe these
changes will reduce ADMA’s cost of capital and provide for added
financial flexibility over the near term and on an ongoing
basis.
The debt financing terms disclosed in this press release are not
all inclusive and, as such, the statements in this press release
are qualified in their entirety by reference to the description of
the debt financing further detailed in a Securities and Exchange
Commission (“SEC”) filing on Form 8-K which will be filed
concurrently with this press release.
About ADMA Biologics, Inc.
(ADMA)
ADMA Biologics is an end-to-end commercial
biopharmaceutical company dedicated to manufacturing, marketing and
developing specialty plasma-derived biologics for the treatment of
immunodeficient patients at risk for infection and others at risk
for certain infectious diseases. ADMA currently manufactures and
markets three United States Food and Drug Administration
(FDA)-approved plasma-derived biologics for the treatment of immune
deficiencies and the prevention of certain infectious diseases:
BIVIGAM® (immune globulin intravenous, human) for the treatment of
primary humoral immunodeficiency (PI); ASCENIV™ (immune globulin
intravenous, human – slra 10% liquid) for the treatment of PI; and
NABI-HB® (hepatitis B immune globulin, human) to provide enhanced
immunity against the hepatitis B virus. ADMA manufactures its
immune globulin products at its FDA-licensed plasma fractionation
and purification facility located in Boca Raton, Florida. Through
its ADMA BioCenters subsidiary, ADMA also operates as an
FDA-approved source plasma collector in the U.S., which provides a
portion of its blood plasma for the manufacture of its products.
ADMA’s mission is to manufacture, market and develop specialty
plasma-derived, human immune globulins targeted to niche patient
populations for the treatment and prevention of certain infectious
diseases and management of immune compromised patient populations
who suffer from an underlying immune deficiency, or who may be
immune compromised for other medical reasons. ADMA has received
U.S. Patents: 9,107,906, 9,714,283, 9,815,886, 9,969,793 and
10,259,865 and European Patent No. 3375789, among others, related
to certain aspects of its products and product candidates. For more
information, please visit www.admabiologics.com.
Forward-Looking Statements
This press release contains “forward-looking statements”
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, about ADMA Biologics, Inc., and its
subsidiaries (collectively, “our”, “ADMA” or the “Company”).
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain such words as
“anticipates,” “believes,” “could,” “can,” “estimates,” “expects,”
“forecasts,” “intends,” “may,” “plans,” “predicts,” “projects,”
“should,” “targets,” “will,” “would,” or, in each case, their
negative, or words or expressions of similar meaning. These
forward-looking statements also include, but are not limited to,
statements about ADMA’s financial position and goal of achieving
profitability. Actual events or results may differ materially from
those described in this press release due to a number of important
factors. Current and prospective security holders are cautioned
that there also can be no assurance that the forward-looking
statements included in this press release will prove to be
accurate. Except to the extent required by applicable laws or
rules, ADMA does not undertake any obligation to update any
forward-looking statements or to announce revisions to any of the
forward-looking statements. Forward-looking statements are subject
to many risks, uncertainties and other factors that could cause our
actual results, and the timing of certain events, to differ
materially from any future results expressed or implied by the
forward-looking statements, including, but not limited to, the
risks and uncertainties described in our filings with the SEC,
including our most recent reports on Form 10-K, 10-Q and 8-K, and
any amendments thereto.
COMPANY CONTACT:Skyler BloomSenior Director,
Business Development and Corporate Strategy | 201-478-5552 |
sbloom@admabio.com
INVESTOR RELATIONS CONTACT:Jason Finkelstein,
MBAManaging Director, Argot Partners | 212-600-1902 |
Jason@argotpartners.com
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