Jaguar Health’s subsidiary enters into a 3rd amendment to the accounts receivable purchase agreement with Oasis Capital and also updates agreement with Glenmark Life Sciences.
The shares price of Jaguar Health Inc. (JAGX) is on a roll after making a strong projection is yesterday’s trading session. JAGX stock is trading in a greenish zone continuing yesterday’s bullish momentum. The company has announced the launch of mental health Entheogen Therapeutics Initiative.
Jaguar Health’s subsidiary, Napo Pharmaceuticals has entered into a manufacturing and supply agreement with Glenmark Life Sciences. Under the following agreement, Glenmark will keep on working for Napo and serve the company as its manufacturer of crofelemer for use in Mytesi®. The agreement will last for the next three years before it ends on March 31, 2020. However, the company may extend it for two more years before the agreement expires based on a mutual deal.
Crofelemer is Napo’s human prescription drug product that is used in Mytesi® and also in other crofelemer-based products manufactured by the company or its affiliates for human or animal use. The product is approved by the U.S. Food and Drug Administration for use among humans and animals.
Napo Pharmaceuticals also reported that it has signed a third amendment deal with Oasis Capital, LLC. The amendment deal was based on the accounts receivable purchase agreement with Oasis, dated May 12, 2020.
Under the amendment agreement, Oasis is to purchase additional accounts receivable of the company that is related to the sales of the Company’s Mytesi drug product to Cardinal Health for the period of August 11, 2020, through September 3, 2020. The fourth tranche accounts receivable gross worth is approximately $2.33 million that represents customer billings over a 24-day period.
The President and CEO of Jaguar Health, Lisa Conte commented that considering the outcome of initial three tranches they are happy entering into an additional amendment. Lisa stated:
“We are happy to enter into this additional amendment with Oasis. Based on the success of the first three tranches of accounts receivable financing and the strength of our growing sales of Mytesi, we have been able to further our strategy of bringing in non-dilutive capital and striving to become a stable, cash flow positive commercial business.”
Oasis will attain a fee of 5.45% of the $2,329,662.72 fourth tranche, which means that it is allowed to a one-time transaction fee of $5,000. Just like the earlier accounts receivable sales to Oasis, it will return Napo Pharmaceuticals all the amount that would be more than the sum of the Purchase Price and the Fee.
Jaguar Health has enjoyed the recent trading sessions since August 10, 2020, when JAGX was trading above $0.80. The recent updates seem to have pushed the stock’s price in the market. Jaguar Health Inc. (JAGX) stock began trading at $0.5236 today and currently, it trades at $0.3885 up by almost 11%, as of 12:28 P.M. EDT.