SAN DIEGO, Oct. 25, 2021 (GLOBE NEWSWIRE) – Exagen Inc. (Nasdaq: XGN), a leading provider of autoimmune testing solutions, today announced that it has entered into an addendum to its loan agreement and guarantee with its principal lender, a subsidiary of Innovatus Capital Partners, LLC (“Innovatus”). The amended agreement provides for a term loan of $ 27.2 million over 5 years at an interest rate of 8.0%, of which 2.0% is paid in kind in the form of additional term loans. Additional information regarding the amendment is available in the company’s current report on Form 8-K filed with the Securities and Exchange Commission on October 25, 2021.
“Innovatus has been a great partner for Exagen and we are delighted to expand our relationship,” said Ron Rocca, President and CEO of Exagen.
“We are delighted to continue to support Exagen in its quest to transform the care of patients with chronic autoimmune diseases,” said Claes Ekstrom, CEO of Innovatus. “We look forward to supporting Exagen’s exceptional team in their mission to improve patient outcomes and reduce healthcare costs. “
Exagen is dedicated to transforming the continuum of care for patients with debilitating and chronic autoimmune diseases by enabling rapid differential diagnosis and optimizing therapeutic intervention. Exagen has developed and markets a portfolio of innovative test products under its AVISE® brand, many of which are based on our proprietary Cell-Bound Complement Activation Products technology, or CB-CAPs. Exagen’s goal is to enable providers to improve patient care through the differential diagnosis, prognosis and monitoring of complex autoimmune and autoimmune diseases, including rheumatoid arthritis and lupus. For more information, please visit www.Exagen.com.
Innovatus Capital Partners, LLC
Innovatus Capital Partners, LLC, is an independent advisor and portfolio management company with approximately $ 1.6 billion in assets under management. Innovatus adheres to an investment strategy that identifies disruptive and growth opportunities across multiple asset classes with a unifying theme of capital preservation, income generation and upside option. The company has a dedicated team of life science investment professionals with extensive experience in the health field, including life sciences. Innovatus and its executives have significant experience in debt financing of medical device, diagnostics and biotechnology companies that address unmet medical needs, improve patient outcomes, and reduce overall healthcare spending. More information is available at www.innovatuscp.com.
Exagen cautions you that statements in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on Exagen’s current beliefs and expectations. These forward-looking statements include, without limitation, statements regarding Exagen’s objectives and strategies, the potential usefulness and effectiveness and demand for Exagen’s testing services and solutions, growth and potential expansion of Exagen, Exagen’s continued relationship with Innovatus, and the views and expectations of management and Innovatus in this regard. The inclusion of forward-looking statements should not be construed as a representation by Exagen that any of its plans will be realized. Actual results may differ from those presented in this press release due to the risks and uncertainties inherent in Exagen’s business, including, without limitation: the COVID-19 pandemic may continue to negatively affect our business, our financial condition and results of operations, including as a result of closures of our facilities and operations, as well as those of our suppliers and courier services, hampering patient movements and interruptions to healthcare services resulting in reduced volumes testing, disruptions in the supply chain of the material necessary for our testing, sales and marketing activities and our ability to receive samples and perform or provide the results of our tests, delays in clinical trials in courses and plans involving our tests; the business success of the company depends on obtaining and maintaining significant acceptance of its test products in the market and promoting its therapeutic products to rheumatologists, patients, third-party payers and other members from the medical community; the Company’s ability to successfully execute its business strategies, including its strategy of integrating the promotion of its existing and future proprietary test products with the promotion of therapeutic products; third-party payers failing to provide adequate coverage and reimbursement for the Company’s test products or promoted therapeutic products; the company’s ability to obtain and maintain intellectual property protection for its test products; regulatory changes affecting the company’s activity; and other risks described in previous company press releases and documents filed by the company with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in Exagen’s annual report on Form 10-K for the fiscal year ended December 31, 2020 and any subsequent filing with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Exagen makes no commitment to update such statements to reflect events that occur or circumstances that occur. exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.