Life Science News

Melinta Therapeutics (NASDAQ:MLNT), a commercial-stage company developing and commercializing novel antibiotics to treat serious bacterial infections, today announced that it has received a commitment from Vatera Healthcare Partners LLC and its affiliates for a convertible loan facility in the amount of up to of $135 million, with the option to be converted into preferred shares …

Melinta Therapeutics (NASDAQ:MLNT), a commercial-stage company developing and commercializing novel antibiotics to treat serious bacterial infections, today announced that it has received a commitment from Vatera Healthcare Partners LLC and its affiliates for a convertible loan facility in the amount of up to of $135 million, with the option to be converted into preferred shares at an exercise price of $1.60 per share, representing a 39 percent premium to the Company’s closing share price on December 18, 2018.

As quoted in the press release:

“We believe that, following negotiations and the expected close of a definitive agreement, this new credit facility from Vatera will take us to approaching cash flow breakeven as we continue to position Melinta to achieve profitable growth and drive stockholder value creation,” said John H. Johnson, interim chief executive officer and director of Melinta. “Since I became interim CEO, we have undertaken a number of operational improvements to lower costs and strengthen the business, and we are seeing the results of those efforts reflected in our accelerating sales momentum. As we look ahead, we are confident that we will continue to see similar sales growth through the end of the year, and we are focused on continuing to take the necessary actions to position Melinta for future success.”

“Once completed, we are confident this cash infusion will provide the Company with the liquidity to fund the business well into 2020 as we take steps to become cash flow positive,” said Peter Milligan, chief financial officer of Melinta.

Click here to read the full press release.

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