– Retiring $17.5 million in Avenue Capital debt and entering into a $11.5 million loan agreement with an insider-led investor group –
– Eliminating $12 million in scheduled debt payments through June 2026 –
– $11.5 million loan agreement defers payment of principal and interest through June 2026 -
– 60% increase in the number of hospital contracts since July 1, 2024, including U.S. Naval Hospital Guam –
GARDEN CITY, N.Y., Sept. 27, 2024 (GLOBE NEWSWIRE) -- Beyond Air, Inc. (NASDAQ:XAIR) ("Beyond Air" or the "Company"), a commercial stage medical device and biopharmaceutical company focused on harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients, today announced that it has terminated the loan and security agreements with Avenue Capital and entered into an $11.5 million loan agreement with an insider-led investor group.
"These transactions, along with today's announced equity raise, immediately strengthen our balance sheet, eliminate debt payments through mid-2026, extend our cash runway, and allow us to continue the momentum of our recent commercial efforts for LungFit PH. We are extremely pleased to add multiple institutional healthcare funds as investment partners who share our vision for the promising future potential for LungFit PH," commented Steve Lisi, Chairman and Chief Executive Officer of Beyond Air. "The significant increase in hospital contracts since July 1st, including our new partnership with the U.S. Naval Hospital Guam, is a testament to our commercial momentum."
Retiring $17.5 Million Term Loan with Avenue CapitalBeyond Air and Avenue Capital have reached an agreement to extinguish the Avenue Capital senior secured term loan for a one-time payment of $17.85 million. This agreement eliminates the debt and interest payments that would have been made to Avenue Capital from October 1, 2024 through June 30, 2026 of $12.0 million. In addition, Avenue Capital is investing $3.35 million in Beyond Air through the private placement equity offering also announced today.
$11.5 Million Loan Agreement The Company entered into a $11.5 million royalty funding agreement led by certain Beyond Air board members based ...
