Scott Langille, CFO of Tribute stated, "We are very pleased to have completed this credit facility with SWK. Subsequent to the completion of this financing and prepayment to Midcap, Tribute will have cash remaining of approximately US$4,000,000 plus the flexibility to draw an additional US$2,000,000 at our request for pending business development initiatives or other purposes."
"We continue to grow our business and this remains our focus going forward." said Rob Harris, CEO of Tribute. "We have now been in full launch mode since February 2013 with Cambia® and are pleased with our early success on achieving a one percent market share of new prescriptions in the Canadian migraine market in June and a 50% growth in total prescriptions in the second quarter of 2013 versus the first quarter. We continue to make good progress on the preparation of the Investigation New Drug application for Bezalip® SR we plan to submit to the FDA this year." Mr. Harris also added "our business development efforts remain on high alert for new opportunities that support our current business and our new credit facility with SWK provides us with greater flexibility to capitalize when the opportunity arises."
"SWK is excited to partner with Tribute and its management team. The revenue interest debt financing we executed for Tribute illustrates SWK's ability to create customized investment structures for life science companies," said Brett Pope, CEO of SWK. "We believe this transaction well positions Tribute for future growth."
About Tribute Pharmaceuticals Canada Inc.
Tribute is an emerging Canadian specialty pharmaceutical company focused on the acquisition, licensing, development and management of pharmaceutical and healthcare products with its primary focus on the Canadian market.
Tribute markets Cambia® (diclofenac potassium for oral solution), Bezalip® SR (bezafibrate), Soriatane® (acitretin), NeoVisc® (1.0% sodium hyaluronate solution) Uracyst® (sodium chondroitin sulfate solution 2%), Collatamp G® and Gelfoam® in the Canadian market. Additionally, NeoVisc® and Uracyst® are commercially available and are sold globally through various international partnerships.
For further information on Tribute visit the Company's website: www.tributepharma.com.
About SWK Holdings Corporation
SWK Holdings Corporation (OTCQB: SWKH) is a specialized finance company with a focus on the global healthcare sector. SWK partners with ethical product marketers and royalty holders to provide flexible financing solutions at an attractive cost of capital to create long-term value for both SWK's business partners and its investors. SWK believes its financing structures achieve an optimal partnership for companies, institutions and inventors seeking capital for expansion or capital and estate planning by allowing its partners to monetize future cash flow with minimal dilution to their equity stakes. Additional information on the life science finance market is available on the Company's website at www.swkhold.com.
Tribute Pharmaceuticals' Forward-Looking Statement
This press release contains certain forward-looking statements about Tribute as defined in the Private Securities Litigation Reform Act of 1995, which statements can be identified by the use of forward-looking terminology, such as "may", "will", "expect", "intend", "anticipate", "estimate", "predict", "plan" or "continue" or the negative thereof or other variations thereon or comparable terminology referring to future events or results. Forward-looking statements, by their nature, are subject to risks and uncertainties, Tribute actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including general economic conditions, the ability of Tribute to successfully integrate operations, and the timing of expenditures and expansion opportunities, any of which could cause actual results to vary materially from current results or anticipated future results. See Tribute reports filed with the Canadian Securities Regulatory Authorities and the U.S. Securities and Exchange Commission from time to time for cautionary statements identifying important factors with respect to such forward- looking statements, including certain risks and uncertainties that could cause actual results to differ materially from results referred to in forward-looking statements. Tribute assumes no obligation to update the information contained in this press release to update forward-looking statements to reflect changed assumptions, the occurrence of anticipated events or changes in future operating results, financial condition or business over time.
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