Neuronetics Draws Down Remaining $22.5 Million Available Under Credit Facility
03 Outubro 2023 - 10:21AM
Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical
technology company with a strategic vision of transforming the
lives of patients whenever and wherever they need help with the
best neurohealth therapies in the world, announced today that it
has drawn down the remaining $22.5 million from its credit facility
with SLR Capital Partners, LLC (“SLR”).
“We are pleased to have successfully drawn down the
remaining capital as part of our credit facility with SLR, which
further bolsters our balance sheet in a non-dilutive manner and
will support the ongoing execution of our strategy,” said Keith J.
Sullivan, President and Chief Executive Officer of Neuronetics.
“Given the current challenging equity and debt capital markets
environment, we felt it was prudent to strengthen our balance sheet
in a cost-effective manner. The Company continues to believe that
it can attain self-sustainability with the previous cash balance
and that it can achieve cash flow break-even in Q4-2024 and on a
full-year basis in 2025. This incremental capital should remove any
doubt about the Company needing to access the equity markets. I
want to thank SLR for their continued support of our vision to
advance neurohealth therapies and drive the further adoption of
NeuroStar Advanced Therapy for mental health.”
In April 2023, the Company amended its senior
secured credit facilities with SLR, securing up to $60.0 million in
borrowings. This facility includes three tranches of term loans,
consisting of a “Term A Loan” of $35.0 million, a “Term B Loan” of
$2.5 million, and a “Term C Loan” of $22.5 million. The Company has
drawn down all $60.0 million available as part of this credit
facility and the maturity date of the $60 million facility is now
set for March 29, 2028.
About Neuronetics
Neuronetics, Inc. believes that mental health is as
important as physical health. As a global leader in neuroscience,
Neuronetics is redefining patient and physician expectations with
its NeuroStar Advanced Therapy for Mental Health. NeuroStar is a
non-drug, noninvasive treatment that can improve the quality of
life for people suffering from neurohealth conditions when
traditional medication hasn’t helped. NeuroStar is FDA-cleared for
adults with major depressive disorder (MDD), as an adjunct for
adults with obsessive-compulsive disorder (OCD), and to decrease
anxiety symptoms in adult patients with MDD that may exhibit
comorbid anxiety symptoms (anxious depression). NeuroStar Advanced
Therapy is the leading transcranial magnetic stimulation (TMS)
treatment for MDD in adults with over 5.6 million treatments
delivered. NeuroStar is backed by the largest clinical data set of
any TMS system for depression, including the world’s largest
depression Outcomes Registry. Neuronetics is committed to
transforming lives by offering an exceptional treatment that
produces extraordinary results. For safety information and
indications for use, visit NeuroStar.com.
“Safe harbor” statement under the Private
Securities Litigation Reform Act of 1995:
Statements in the press release regarding the
Company that are not historical facts constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements may be
identified by terms such as “outlook,” “potential,” “believe,”
“expect,” “plan,” “anticipate,” “predict,” “may,” “will,” “could,”
“would” and “should” as well as the negative of these terms and
similar expressions. These statements include those relating to the
Company’s cash balance, ability to achieve cash-flow breakeven,
need to raise equity capital and any statements of assumptions
underlying any of the foregoing items. These statements are subject
to significant risks and uncertainties and actual results could
differ materially from those projected. The Company cautions
investors not to place undue reliance on the forward-looking
statements contained in this release. These risks and uncertainties
include, without limitation, risks and uncertainties related to:
the impact of public health crises on the Company’s operations,
manufacturing and supply chain interruptions or delays; the
Company’s ability to execute its business strategy; the Company’s
ability to achieve or sustain profitable operations due to its
history of losses; the Company’s reliance on the sale and use of
its NeuroStar Advanced Therapy system to generate revenues; the
scale and efficacy of the Company’s salesforce; the Company’s
ability to retain talent; availability of coverage and
reimbursement from third-party payors for treatments using the
Company’s products; physician and patient demand for treatments
using the Company’s products; developments in competing
technologies and therapies for the indications that the Company’s
products treat; product defects; the Company’s ability to obtain
and maintain intellectual property protection for its technology;
developments in clinical trials or regulatory review of NeuroStar
Advanced Therapy system for additional indications; and
developments in regulation in the U.S. and other applicable
jurisdictions. For a discussion of these and other related risks,
please refer to the Company’s recent filings with the U.S.
Securities and Exchange Commission (the “SEC”), which are available
on the SEC’s website at www.sec.gov. These forward-looking
statements are based on the Company’s expectations and assumptions
as of the date of this press release. Except as required by law,
the Company undertakes no duty or obligation to update any
forward-looking statements contained in this press release as a
result of new information, future events, or changes in the
Company’s expectations.
Investor Contact:
Mike Vallie or Mark KlausnerICR
Westwicke443-213-0499ir@neuronetics.com
Media Contact:
EvolveMKD646-517-4220NeuroStar@evolvemkd.com
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