RVL Pharmaceuticals plc announces Insider and Athyrium-Led

— Obtained $68.9 million in committed financing through a combination of equity and non-dilutive debt financing —

— The cash trail is expected to extend through 2023 with $43.9 million funded at close and an additional $25.0 million available through April 2023, subject to a minimum revenue target —

BRIDGEWATER, NJ, Aug. 04, 2022 (GLOBE NEWSWIRE) — RVL Pharmaceuticals plc (Nasdaq: RVLP) (“RVL” or the “Company”), a specialty pharmaceutical company focused on the commercialization of UPNEEQ® (Oxymetazoline Hydrochloride Ophthalmic Solution), 0.1%, today announced that it has entered into agreements to secure up to $68.9 million in committed financing through a combination of equity and debt financing committed non-dilutive. Total anticipated proceeds at closing are $43.9 million, comprised of $23.9 million in aggregate gross proceeds from the private placement of common shares and concurrently $20.0 million in notes second tranche senior secured by amending the Company’s existing note purchase agreement waiving certain conditions to the financing of these notes. The referenced amendment also provides a commitment of $25.0 million for the Third Tranche Senior Secured Notes, subject to a minimum revenue objective.

“This funding reflects our confidence in the brand and significantly improves our financial position as we gain momentum with our expanding launch of UPNEEQ. Feedback from providers and patients continues to be positive as awareness of UPNEEQ increases. Behind the strong sales growth in the first half of this year and the continued expansion of our aesthetics team, these financing agreements give us the means to support our commercialization efforts in the eye care and medical aesthetics markets. said Brian Markison, President and CEO. of RLV.

“We got into medical aesthetics six months ago with a core sales group that we attracted from across the industry. This funding puts us on the path to executing our multi-channel strategy and continuing to attract great people,” said James “JD” Schaub, Chief Operating Officer of RVL.

The referenced private placement includes the execution of a series of share subscription agreements with affiliates of Athyrium Capital Management and Avista Capital Partners and certain members of management, including Messrs. Markison and Schaub, to issue an aggregate of 15,451,612 common shares at a price per share of $1.55, the market closing price on Thursday, August 4, 2022. Closing is expected to occur no later than Monday, August 8, 2022 .

The referenced amendment to the Company’s existing note purchase agreement is subject to the satisfaction of certain conditions, including the completion of the private placement. Upon closing of the Amendment, the Company will issue $20.0 million of Second Tranche Senior Secured Notes. An additional $25.0 million of Third Tranche Senior Secured Notes will be available to RVL at its option through April 2023, subject to the achievement of a minimum revenue target of ‘UPNEEQ.

Important information regarding these financing agreements will be included in an upcoming current report on Form 8-K filed by the Company with the Securities and Exchange Commission and copies of the First Amendment to the Note Purchase Agreement and Form 8-K. share subscription agreement will be included in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2022.

FORWARD-LOOKING STATEMENTS

This press release includes statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, including, without limitation, statements regarding the commercialization of UPNEEQ, the anticipated closing of the Amendment and the Private Placement, anticipated proceeds of the Amendment and the Private Placement and our expected cash trail and therefore are, or may be deemed to be, ” forward-looking statements”. The Company’s current expectations and actual results may differ materially from the results anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the words “believes”, “expects”. , “may”, “will”, “should”, “seek”, “plan”, “approximately”, “intend”, “plan”, “estimate” or “anticipate”, or, in each case , their negatives or other variants or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding the Company’s current intentions, beliefs or expectations with respect to, among other things, its results of operations, financial condition, liquidity, prospects, financial direction, growth plan, strategies, its trends and other events, including with respect to UPNEEQ and FDA sales and other regulatory applications, approvals and actions, the continuation of historical trends, our ability to manage costs and service our debt and the adequacy of our cash balances and cash generated from operating and financing activities for future cash and capital resource requirements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We may not achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not significantly rely on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Important factors that could cause actual results and events to differ materially from those set forth in the forward-looking statements include: UPNEEQ’s ability to achieve market acceptance by clinicians and patients; our ability to successfully market UPNEEQ; our customers’ willingness to pay the price we charge for UPNEEQ; the results of our marketing and sales expenses; our reliance on third-party suppliers and distributors for UPNEEQ; UPNEEQ’s ability to produce the expected effects; failures or delays in clinical trials or other delays in obtaining regulatory approval or commencing product sales for new products; the impact of legal proceedings; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed March 30, 2022 and other Company filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release, and we undertake no obligation to publicly update or revise them, whether as a result of new information, future events or otherwise. except as required by law.

IMPORTANT SAFETY INFORMATION

INDICATION

UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1% is indicated for the treatment of acquired blepharoptosis in adults.

WARNINGS AND PRECAUTIONS

  • Ptosis can be associated with neurological or orbital diseases such as stroke and/or cerebral aneurysm, Horner’s syndrome, myasthenia gravis, external ophthalmoplegia, orbital infection and orbital masses. These conditions should be considered in the presence of ptosis with decreased levator function and/or other neurological signs.
  • Alpha-adrenergic agonists as a class can impact blood pressure. Advise UPNEEQ patients with cardiovascular disease, orthostatic hypotension and/or uncontrolled hypertension or hypotension to seek medical attention if their condition worsens.
  • Use UPNEEQ with caution in patients with cerebral or coronary insufficiency or Sjögren’s syndrome. Advise patients to seek medical attention if signs and symptoms of potentiation of vascular insufficiency develop.
  • UPNEEQ may increase the risk of angle-closure glaucoma in patients with untreated angle-closure glaucoma. Advise patients to seek immediate medical attention if signs and symptoms of acute angle-closure glaucoma develop.
  • Patients should not touch the end of the disposable container with their eyes or any other surface, in order to avoid eye damage or contamination of the solution.

SIDE EFFECTS

Adverse reactions occurring in 1-5% of UPNEEQ-treated subjects were punctate keratitis, conjunctival hyperemia, dry eye, blurred vision, instillation site pain, eye irritation, and headache.

DRUGS INTERACTIONS

  • Alpha-adrenergic agonists, as a class, can impact blood pressure. Caution is advised when using medications such as beta-blockers, antihypertensives and/or cardiac glycosides. Caution should also be exercised in patients receiving alpha-adrenergic receptor antagonists, such as in the treatment of cardiovascular disease or benign prostatic hyperplasia.
  • Caution is advised in patients taking monoamine oxidase inhibitors which may affect the metabolism and absorption of circulating amines.

About RVL Pharmaceuticals plc

RVL Pharmaceuticals plc is a specialty pharmaceutical company focused on the commercialization of UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or low eyelids, in adults. UPNEEQ is the first FDA-approved non-surgical treatment option for acquired blepharoptosis.

Investor and Media Relations for RVL Pharmaceuticals plc

Lisa M. Wilson
Onsite Communications, Inc.
Such. : 212-452-2793
Email: [email protected]

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