Jaguar Health, Inc. and Napo Pharmaceuticals, Inc. Enter into Note Purchase Agreement with Streeterville Capital, LLC
January 22, 2021 at 05:01 pm
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On January 19, 2021, Jaguar Health, Inc. and Napo Pharmaceuticals, Inc., a wholly-owned subsidiary of Jaguar entered into a note purchase agreement with Streeterville Capital, LLC (Investor), an affiliate of Chicago Venture Partners, L.P. (CVP), pursuant to which the Borrower issued to Investor a secured promissory note (the Note) in the aggregate principal amount of $6,220,812.50. The initial principal balance of the Note includes $195,812.50 representing prepaid interest for the first twelve months and $25,000 to cover Investor's transaction expenses. The Company will use the proceeds to fund development of the Company's NP-300 (lechlemer) drug product candidate for the indication of the symptomatic relief of diarrhea from cholera (the Cholera Indication) and general corporate purposes, including the Company's product pipeline activities. The Note bears interest at 3.25% per annum and matures on January 20, 2025. Interest will be prepaid each 12 months at the beginning of the period. Under the Purchase Agreement, if a tropical disease priority review voucher (TDPRV) is granted to the Company by the U.S. Food & Drug Administration in connection with the Company's development of lechlemer for the Cholera Indication and the Company sells the TDPRV, then Investor will be entitled to a specified percentage of the gross proceeds from such sale, ranging from 18% to 1%, depending on the percentage of the original balance of the Note that remains outstanding as of the date of the sale of the TDPRV, which percentage will decrease to 1% once the Note is paid in full.
Jaguar Health, Inc. is a commercial-stage pharmaceuticals company. The Company is focused on developing novel proprietary prescription medicines sustainably derived from plants from rainforest areas for people and animals with gastrointestinal distress. It operates through two segments: human health and animal health. The animal health segment is focused on developing and commercializing prescription and non-prescription products for companion and production animals. The human health segment is focused on developing and commercializing of human products and the ongoing commercialization of Mytesi, which is used for the symptomatic relief of non-infectious diarrhea in adults with human immunodeficiency virus (HIV)/ acquired immunodeficiency syndrome (AIDS) on antiretroviral therapy. The Canalevia-CA1 is for the treatment of chemotherapy-induced diarrhea (CID) in dogs. Its subsidiary Napo Pharmaceuticals, Inc. focuses on developing and commercializing human prescription pharmaceuticals.
JAGUAR HEALTH, INC. 
