Trinity Biotech Announces Amended Credit Agreement with Perceptive to Enhance Liquidity and Drive Transformation Plan
2024年12月24日 - 10:33PM
Trinity Biotech plc (Nasdaq: TRIB), a commercial-stage
biotechnology company focused on human diagnostics and diabetes
management solutions, including wearable biosensors, today
announced it has entered into amended agreements with its primary
lender, Perceptive Advisors. These strategic amendments provide
additional liquidity, further enhancing the Company’s near-term
financial position as it advances its Comprehensive Transformation
Plan and continues development of its innovative continuous glucose
monitoring (CGM) technology.
Under the terms of the agreements, a deferred
consideration payment of $5 million related to the acquisition of
the biosensor assets of Waveform Technologies has been extended to
November 2025, offering the Company greater financial flexibility.
In addition, further additional liquidity in the amount of
approximately $5.5 million has been provided to Trinity Biotech
through a combination of cash and payment-in-kind interest,
strengthening liquidity during this pivotal period of
transformation. As part of the agreement, Trinity Biotech has
granted Perceptive Advisors 1.5 million additional warrants to
purchase the Company’s ADS, and repriced its existing ADS warrants
at an exercise price of $0.80 per ADS, reinforcing the ongoing
partnership between the two entities.
Advancing the Comprehensive
Transformation PlanThe additional liquidity will support
Trinity Biotech’s Comprehensive Transformation Plan, which is
focused on achieving long-term profitability through operational
efficiency and innovation. A key milestone of this plan was the
Company’s recent World Health Organization (WHO) approval for the
transfer of late-stage manufacturing of TrinScreen HIV and Uni-Gold
HIV to a lower-cost offshore manufacturing partner. This approval,
announced last week, demonstrates the Company’s ability to execute
on its strategic initiatives and strengthens its position as a
leader in global diagnostics.
“These amendments with Perceptive underscore our
commitment to creating a stronger financial foundation as we
execute our transformation plan,” said John Gillard, CEO of Trinity
Biotech. “The additional liquidity will support critical
initiatives, including the development of our CGM technology, and
further positions Trinity Biotech for growth and profitability.
Combined with our recent WHO approval, these efforts reflect the
progress we’re making toward achieving our strategic objectives and
delivering value to our shareholders.”
Looking AheadTrinity Biotech
continues to innovate in the human diagnostics and diabetes
management sectors. The Company’s CGM technology, developed
following its acquisition of the biosensor assets of Waveform
Technologies, represents a promising addition to its portfolio.
With the support of these amended agreements and the ongoing
execution of its transformation plan, Trinity Biotech is
well-positioned to drive sustainable growth and expand its market
presence.
Forward-Looking StatementsThis
release includes statements that constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 (the “Reform Act”), including but not limited to
statements related to Trinity Biotech’s cash position, financial
resources and potential for future growth, market acceptance and
penetration of new or planned product offerings, and future
recurring revenues and results of operations. Trinity Biotech
claims the protection of the safe harbor for forward-looking
statements contained in the Reform Act. These forward-looking
statements are often characterized by the terms “may,” “believes,”
“projects,” “expects,” “anticipates,” or words of similar import,
and do not reflect historical facts. Specific forward-looking
statements contained in this release may be affected by risks and
uncertainties, including, but not limited to, our ability to
capitalize on the Waveform transaction and of our recent
acquisitions, our continued listing on the Nasdaq Stock Market, our
ability to achieve profitable operations in the future, the impact
of the spread of COVID-19 and its variants, potential excess
inventory levels and inventory imbalances at the company’s
distributors, losses or system failures with respect to Trinity
Biotech’s facilities or manufacturing operations, the effect of
exchange rate fluctuations on international operations,
fluctuations in quarterly operating results, dependence on
suppliers, the market acceptance of Trinity Biotech’s products and
services, the continuing development of its products, required
government approvals, risks associated with manufacturing and
distributing its products on a commercial scale free of defects,
risks related to the introduction of new instruments manufactured
by third parties, risks associated with competing in the human
diagnostic market, risks related to the protection of Trinity
Biotech’s intellectual property or claims of infringement of
intellectual property asserted by third parties and risks related
to condition of the United States economy and other risks detailed
under “Risk Factors” in Trinity Biotech’s annual report on Form
20-F for the fiscal year ended December 31, 2023 and Trinity
Biotech’s other periodic reports filed from time to time with the
United States Securities and Exchange Commission. Forward-looking
statements speak only as of the date the statements were made.
Trinity Biotech does not undertake and specifically disclaims any
obligation to update any forward-looking statements.
The foregoing description of the transaction
does not purport to be complete and is qualified in its entirety by
reference to the transaction documents included in a Form 6-K to be
filed with the U.S. Securities and Exchange Commission.
About Trinity BiotechTrinity
Biotech is a commercial stage biotechnology company focused on
diabetes management solutions and human diagnostics, including
wearable biosensors. The Company develops, acquires, manufactures
and markets diagnostic systems, including both reagents and
instrumentation, for the point-of-care and clinical laboratory
segments of the diagnostic market and has recently entered the
wearable biosensor industry, with the acquisition of the biosensor
assets of Waveform Technologies Inc. and intends to develop a range
of biosensor devices and related services, starting with a
continuous glucose monitoring product. Our products are used to
detect infectious diseases and to quantify the level of Haemoglobin
A1c and other chemistry parameters in serum, plasma and whole
blood. Trinity Biotech sells direct in the United States and
through a network of international distributors and strategic
partners in over 75 countries worldwide. For further information,
please see the Company's website: www.trinitybiotech.com.
Contact: |
Trinity Biotech plcLouise
Tallon(353)-1-2769800 |
LifeSci Partners, LLCEric
Ribner(1)-646-751-4363investorrelations@trinitybiotech.com |
|
|
|
|
|
RedChip Companies
Inc.Dave Gentry, CEO(1)-407-644-4256TRIB@redchip.com |
Trinity Biotech (NASDAQ:TRIB)
過去 株価チャート
から 11 2024 まで 12 2024
Trinity Biotech (NASDAQ:TRIB)
過去 株価チャート
から 12 2023 まで 12 2024