Intercept Pharma Summarizes Key Actions in Strategic Financial Repositioning

• Intercept Pharmaceuticals Inc (NASDAQ: ICPT) announced a summary of its actions to improve its capital position, including the recently announced private repurchases of senior secured convertible notes.

• Intercept is a biopharmaceutical company focused on developing and commercializing therapeutics for progressive non-viral liver diseases, including primary biliary cholangitis and nonalcoholic steatohepatitis.

• Related: Intercept Settles Ocaliva Litigation With Reddy's Lab.

• Intercept has been able to lower principal debt outstanding by 54%, or $388.9 million to $336.3 million, and decrease annual cash interest expense by 58%, or $13.6 million to $9.8 on an annual basis.

• In addition, these activities reduced overall potential shareholder dilution associated with the secured convertible notes.

• Intercept used a combination of cash from the sale of its international business and stock to fund the 2022 transactions.

• The net result has allowed Intercept to grow its cash position to over $500 million, driving an improvement in net debt of approximately $450 million.

• Price Action: ICPT shares are down 14% at $15.37 on the last check Wednesday.

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