SCPH scPharmaceuticals Inc

By Dean Seal

Shares of ScPharmaceuticals Inc. surged more than 24% to $6.20 before plummeting back down to a loss in premarket trading after the company disclosed the regulatory approval for one of its products as well as $100 million in new debt financing.

The Burlington, Mass.-based company said Monday morning that the U.S. Food and Drug Administration has approved Furoscix for the treatment of chronic heart-failure patients with worsening congestion.

Five minutes later, the company said it has entered into a binding term sheet for a $100 million secured debt facility with funds managed by Oaktree Capital Management LP, with plans to use the money to pay off existing debt and to launch Furoscix.

The agreements are expected to be signed by mid-October, and provide $50 million immediately along with two tranches of $25 million apiece that are continent upon the achievement of certain commercial milestones.

After closing at $4.98 on Friday, shares started quickly gaining on the heels of the two announcements, reaching a high of $6.20 before reversing course and tumbling to a loss. They were down 6% to $4.68 as of 8:51 a.m. ET.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 10, 2022 09:12 ET (13:12 GMT)

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