scPharmaceuticals received $75 million through a combination of debt and royalty financings at close, with access to an additional $50 million The term loan refinances existing debt principal; lowers coupon, extends interest-only period for four additional years, and lowers minimum cash requirement to $5 million BURLINGTON, Mass., Aug. 12, 2024 (GLOBE NEWSWIRE) -- scPharmaceuticals Inc. (NASDAQ:SCPH) (the "Company"), a pharmaceutical company focused on developing and commercializing products that have the potential to optimize the delivery of infused therapies, advance patient care, and reduce healthcare costs, today announced non-dilutive financings totaling up to $125 million with funds managed by Perceptive Advisors ("Perceptive"), a leading life-sciences focused investor. Proceeds from the transactions will be used to repay existing debt, as well as to fund activities related to the ongoing commercialization of FUROSCIX, the Company's proprietary formulation of furosemide indicated for the treatment of congestion due to fluid overload in adult patients, including patients with New York Heart Association (NYHA) Class IV chronic heart failure. "We have a unique opportunity with FUROSCIX to positively impact heart failure patient outcomes while reducing preventable healthcare costs, and these non-dilutive financings provide us with ample resources to continue to pursue those goals," stated John Tucker, Chief Executive Officer of scPharmaceuticals. "We are excited to partner with Perceptive and look forward to working with them as we continue to grow as a company." "We are pleased to partner with scPharmaceuticals as it advances its mission to make FUROSCIX a key component of a new heart failure treatment paradigm," stated Sam Chawla, Portfolio Manager of Perceptive Advisors' credit funds. "By leveraging intervention opportunities both pre-hospital admission and post-discharge, FUROSCIX has the potential to reduce unnecessary hospital utilization, thereby improving patient quality of life while driving significant cost savings for health care payers. It is this kind of innovation that we strive to support, and we look forward to a long and mutually beneficial partnership." $75 Million Senior Secured Loan scPharma has entered into a $75 million senior secured term loan agreement with Perceptive. Approximately $50 million will be provided to the Company at close, which will refinance its existing debt. The term loan has a five-year term with no mandatory principal balance repayments due until maturity. The new term loan, compared to the Company's current debt facility, extends mandatory repayments by approximately four years and lowers the minimum cash requirement to $5 million. Interest accrues at a rate equivalent to the Secured Overnight Financing Rate (SOFR) + 6.75% (with a SOFR floor of 3.25%). $50 Million Revenue Interest Financing The Company also entered into a $50 million capped revenue interest financing with Perceptive. Under the agreement, Perceptive will be entitled to receive tiered single-digit royalties of global net sales of FUROSCIX. Royalties to Perceptive ...