Sorrento Therapeutics (NASDAQ:SRNE) announces that its majority-owned subsidiary, Scilex Pharmaceuticals, closed a debt financing with leading global institutional investors for gross proceeds to Scilex of $140M.
Net proceeds will be used for working capital and general corporate purposes in respect of commercialization of ZTlido (lidocaine topical system) 1.8%.
On September 7, Scilex issued and sold senior secured notes due 2026 in an aggregate principal amount of $224M for an aggregate purchase price of $140M. The holders of the Notes will be entitled to receive quarterly payments of principal of the Notes equal to a percentage of the net sales of ZTlido.
ZTlido is indicated for the relief of pain associated with post-herpetic neuralgia, also referred to as post-shingles pain.
Additionally, Scilex has recruited a team of 11 regional business directors and has partnered with Syneos Health (formerly InVentiv Health) to support a sales force of over 100 representatives.
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