Medexus and MidCap Agree to Increase in MidCap’s Revolving

Medexus’s borrowing capability below its revolving credit score facility will increase by
US$5.0 million, from US$20.0 million to US$25.0 million

Transaction strengthens Medexus’s stability sheet, offering further working liquidity

TORONTO and CHICAGO, Sept. 29, 2022 (GLOBE NEWSWIRE) — Medexus Pharmaceuticals (Medexus) (TSX: MDP) (OTCQX: MEDXF) at present entered into an modification to the corporate’s revolving credit score facility with a syndicate of lenders agented by MidCap Funding IV Trust (MidCap). Among different issues, the modification gives for a US$5.0 million improve in MidCap’s revolving mortgage dedication quantity on considerably the identical phrases offered below the prevailing facility. Following the modification, Medexus may have whole borrowing capability below the revolving credit score facility of US$25.0 million topic to the borrowing base.

“We are pleased to extend our strong partnership with MidCap and bolster our liquidity position as we head into this upcoming quarter,” commented Marcel Konrad, Chief Financial Officer of Medexus. “We appreciate our lenders’ support as we continue to focus on delivering strong revenue growth and improved overall performance across our portfolio of products in both the United States and Canada.”

In reference to the modification, Medexus additionally issued to MidCap warrants to buy 135,710 widespread shares of Medexus, with an train worth equal to the five-day volume-weighted common worth on the Toronto Stock Exchange calculated as of September 29, 2022, and amended MidCap’s excellent warrants to buy 134,290 shares to scale back the train worth to mirror that very same five-day volume-weighted common worth. The newly-issued warrants and the amendments to the prevailing warrants will turn into efficient on October 13, 2022, being 10 business days after the date of this announcement. The warrants will likely be exercisable till the maturity of the loans excellent below Medexus’s credit score services with MidCap, which is predicted to happen in July 2023 until prolonged in accordance with the phrases of the services.

About Medexus

Medexus is a frontrunner in revolutionary uncommon illness therapy options with a robust North American industrial platform and a portfolio of confirmed best-in-class merchandise. Our present focus is on the therapeutic areas of hematology, auto-immune ailments, and allergy. We proceed to construct a extremely differentiated firm with a rising portfolio of revolutionary and high-value orphan and uncommon illness merchandise that may underpin our progress for the subsequent decade.

Our present main merchandise are IXINITY®, an intravenous recombinant issue IX therapeutic to be used in sufferers 12 years of age or older with Hemophilia B (a hereditary bleeding dysfunction characterised by a deficiency of clotting issue IX in the blood, which is critical to management bleeding); Rasuvo™ and Metoject®, a novel formulation of methotrexate (auto-pen and pre-filled syringe) designed to deal with rheumatoid arthritis and different auto-immune ailments; and Rupall®, an revolutionary prescription allergy remedy with a novel mode of motion. We additionally maintain unique US and Canadian rights to commercialize Gleolan™ (aminolevulinic acid hydrochloride or ALA HCl), an FDA-approved, orphan drug designated optical imaging agent at present indicated in sufferers with glioma (suspected World Health Organization Grades III or IV on preoperative imaging) as an adjunct for the visualization of malignant tissue throughout surgical procedure.

We have additionally licensed treosulfan, a part of a preparative routine for allogeneic hematopoietic stem cell transplantation to be used in mixture with fludarabine, for commercialization in the United States and Canada. Treosulfan was permitted by Health Canada in June 2021 and is marketed in Canada as Trecondyv®. Treosulfan is at present the topic of a regulatory evaluate course of with the U.S. Food and Drug Administration.

Our mission is to present the very best healthcare merchandise to healthcare professionals and sufferers. We try to ship on this mission by performing on our core values: Quality, Innovation, Customer Service, and Collaboration.

Contacts

For extra info, please contact any of the next:

Medexus

Ken d’Entremont, Chief Executive Officer
Medexus Pharmaceuticals
Tel: 905-676-0003
Email: [email protected]

Marcel Konrad, Chief Financial Officer
Medexus Pharmaceuticals
Tel: 312-548-3139
Email: [email protected]

Investor Relations

Victoria Rutherford
Adelaide Capital
Tel: 480-625-5772
Email: [email protected]

Forward-Looking Statements

Certain statements made in this press launch comprise, and statements made in the webcast mentioned in this press launch could comprise, forward-looking info throughout the that means of relevant securities legal guidelines (forward-looking statements). The phrases “anticipates”, “believes”, “expects”, “will”, “plans”, “potential”, and comparable phrases or expressions are sometimes supposed to establish forward-looking statements, though not all forward-looking statements comprise these figuring out phrases. Specific forward-looking statements contained in this information launch embody, however will not be restricted to, statements relating to Medexus’s business technique, outlook, and different expectations relating to monetary or operational efficiency; Medexus’s expectations relating to availability of funds from operations, money circulation technology, and capital allocation; and Medexus’s anticipated money wants, capital necessities, and wants for extra financing. These statements are primarily based on elements or assumptions that have been utilized in drawing a conclusion or making a forecast or projection, together with assumptions primarily based on historic tendencies, present situations and anticipated future developments. Since forward-looking statements relate to future occasions and situations, by their very nature they require making assumptions and contain inherent dangers and uncertainties. Medexus cautions that though it’s believed that the assumptions are cheap in the circumstances, these dangers and uncertainties give rise to the likelihood that precise outcomes could differ materially from the expectations set out in the forward-looking statements. Material danger elements embody these set out in Medexus’s supplies filed with the Canadian securities regulatory authorities from time to time, together with Medexus’s most up-to-date annual info type and administration’s dialogue and evaluation; future capital necessities and dilution; mental property safety and infringement dangers; competitors (together with potential for generic competitors); reliance on key administration personnel; Medexus’s capacity to implement its business plan; Medexus’s capacity to leverage its U.S. and Canadian infrastructure to promote further progress; regulatory approval by related well being authorities, together with the FDA; product reimbursement by third social gathering payers; litigation or expiry with respect to patents or different mental property rights; litigation danger; inventory worth volatility; authorities regulation; and potential third social gathering claims. Given these dangers, undue reliance shouldn’t be positioned on these forward-looking statements, that are made solely as of the date hereof. Other than as particularly required by legislation, Medexus undertakes no obligation to replace any forward-looking statements to mirror new info, subsequent or in any other case.