Jaguar Health Receives $1.75 Million in Proceeds from Warrant Exercise at an Exercise Price of $1.40
SAN FRANCISCO, CA / ACCESSWIRE / October 10, 2019 / Jaguar Health, Inc. (JAGX) ("Jaguar" or the "Company"), today announced that the Company has engaged Angel Pond Capital LLC ("Angel Pond") to explore potential licensing agreements and collaborations for Mytesi® in China. Angel Pond was founded by Ted Wang, a former Goldman Sachs partner, with a mission to help bring quality U.S. medical care to the growing needs of patients in China. Angel Pond has offices in New York and Hangzhou, China.
"Jaguar has engaged Angel Pond as an advisor to help facilitate and negotiate the out-license of our Mytesi and crofelemer technology in China, including identifying additional potential strategic partners in China beyond those Jaguar has already engaged in discussions and due diligence. Cancer therapy-related diarrhea is our lead potential follow-on indication for Mytesi, and cancer is a leading cause of death in China - making the country a compelling region for addressing the unmet medical need of the devastating diarrhea associated with cancer treatment," Lisa Conte, Jaguar's president and CEO commented.
Jaguar's Mytesi (crofelemer) product is approved by the U.S. Food and Drug Administration for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Mytesi is the only FDA-approved first-in-class anti-diarrheal drug studied specifically in adults with HIV/AIDS in a chronic therapy setting.
Mytesi (crofelemer) is in development for multiple possible follow-on indications, including cancer therapy-related diarrhea; for supportive care for patients with inflammatory bowel disease; irritable bowel syndrome; and idiopathic/functional diarrhea. Crofelemer is also in development in a liquid formulation for rare disease indications for infants and children with congenital diarrheal disorders and short bowel syndrome. In addition, Jaguar's second-generation proprietary anti-secretory agent, lechlemer, is in development for providing symptomatic relief of diarrhea from cholera infection.
Jaguar is also pleased to announce the exercise of warrants by an existing investor for proceeds of $1.75 million pursuant to the warrant exercise agreement between the Company and such investor as described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2019. The exercise involved 1,250,000 warrants, with each such warrant being exercisable for one common share of the Company at an exercise price of $1.40. Post-exercise of the warrants, total Jaguar shares outstanding are 10,890,507.
"This warrant exercise has provided additional funds to assist in the development of our pipeline of potential follow-on indications for Mytesi and crofelemer," Lisa Conte, Jaguar's president and CEO commented.
Mytesi (crofelemer) is an antidiarrheal indicated for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on antiretroviral therapy (ART). Mytesi is not indicated for the treatment of infectious diarrhea. Rule out infectious etiologies of diarrhea before starting Mytesi. If infectious etiologies are not considered, there is a risk that patients with infectious etiologies will not receive the appropriate therapy and their disease may worsen. In clinical studies, the most common adverse reactions occurring at a rate greater than placebo were upper respiratory tract infection (5.7%), bronchitis (3.9%), cough (3.5%), flatulence (3.1%), and increased bilirubin (3.1%).
See full Prescribing Information at Mytesi.com. Crofelemer, the active ingredient in Mytesi, is a botanical (plant-based) drug extracted and purified from the red bark sap of the medicinal Croton lechleri tree in the Amazon rainforest. Napo has established a sustainable harvesting program for crofelemer to ensure a high degree of quality and ecological integrity.
About Jaguar Health, Inc.
Jaguar Health, Inc. is a commercial stage pharmaceuticals company focused on developing novel, sustainably derived gastrointestinal products on a global basis. Our wholly-owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Our Mytesi® (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy.
Certain statements in this press release constitute "forward-looking statements." These include statements regarding the development of possible Mytesi follow-on indications, and statements regarding the development of lechlemer for the possible indication of providing symptomatic relief of diarrhea from cholera infection. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "aim," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this release are only predictions. Jaguar has based these forward-looking statements largely on its current expectations and projections about future events. These forward-looking statements speak only as of the date of this release and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond Jaguar's control. Some of the factors that could affect our actual results are included in the periodic reports on Form 10-K and Form 10-Q that we file with the Securities and Exchange Commission. Except as required by applicable law, Jaguar does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Jaguar Health, Inc.
SOURCE: Jaguar Health, Inc.
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