Nabriva Therapeutics PLC – ADR (NASDAQ:NBRV) stock is trading slightly lower in the opening session on Thursday. The stock has seen a selling pressure so far this year with a fall of 40%.
Market Action
As of 10:05 NBRV stock slid by 2% at $3.28. The stock has traded 1.34 million shares, compared to its average volume of 4.25 million shares. The stock opened at $1.37 and moved in a range of $ 1.3600 – 1.4100.
Nabriva Agrees to Extension of Principal Debt Repayments Under Existing Loan Agreement with Hercules Capital
- announced that it has reached an agreement with Hercules Capital, Inc. (NYSE:HTGC) (“Hercules”) to extend principal payments under its existing loan agreement until at least January 1, 2022. Repayments of outstanding principal amounts under the company’s debt facility with Hercules were scheduled to begin on July 1, 2021. Terms of the amended agreement provide for an initial six-month extension to January 1, 2022, with the ability to delay the principal debt repayments until July 1, 2022 upon achievement of certain financing and product revenue milestones.
- The company also announced an extension of its cash runway. Based on its current operating plans and following the extension of the principal debt repayments under its loan agreement with Hercules, the company expects that its existing cash resources, including proceeds raised under its at-the-market (ATM) offering facility since May 6, 2021, will be sufficient to enable the company to fund its operating expenses, debt service obligations and capital expenditure requirements substantially through the first quarter of 2022.
Nabriva CEO Ted Schroeder commented, “As a result of successfully negotiating to extend our debt repayment and the recent activity from our ATM program, we have improved our near-term cash flow and extended our cash runway substantially through the first quarter of 2022. This also importantly provides near-term optionality to invest in value-creating commercialization efforts to increase awareness and drive prescription demand growth for XENLETA® (lefamulin) and SIVEXTRO® (tedizolid phosphate). We remain committed to effectively managing expenses to focus on driving top-line revenues.”
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