Silver Spring-based Aziyo Biologics (located in Calverton), a commercial-stage regenerative medicine company, announced that Aziyo co-founder C. Randal (Randy) Mills, Ph.D. has assumed the President and Chief Executive Officer role on an on-going basis. Dr. Mills, who is internationally recognized for his contributions to the field of regenerative medicine, has served as the Company’s interim CEO since June 2022. The company also announced that it has entered into a $25 million credit facility from SWK Holdings Corporation.
“Since creating Aziyo in 2015, Randy and I have worked together to build a company where regenerative medicine is used to its full potential,” said Kevin Rakin, co-founder and executive chairman. “Randy is a visionary leader with a track record of creating significant shareholder value in regenerative medicine. The Board and I look forward to partnering with Randy as we make his vision for this company a reality.”
“We don’t think that 1 in 10 women undergoing breast reconstruction should face serious infection. Nor should a pacemaker wear through the fragile skin of a patient in heart block,” said Dr. Randy Mills, CEO. “We aim to change that. We know the impact regenerative medicine can have on patient’s lives – now it’s our job to make it happen.”
The new credit facility provides for an initial term loan of $21 million that the Company intends to use to fund its ongoing commercial and product development initiatives, refinance its existing debt facilities, and to pay off all such other outstanding debt. In addition, the Company also has the option to draw under the new credit facility an additional term loan of $4 million, subject to the achievement of specified operational and financial metrics by September 30, 2023. The loan facility allows for the establishment of a new asset-based revolving loan facility of up to $8 million.
“We are delighted to establish a relationship with SWK. This new capital helps strengthen our balance sheet and provide Aziyo with substantially greater financial flexibility,” said Dr. Randy Mills, Aziyo’s Chief Executive Officer. “Moreover, the added liquidity will allow Aziyo to advance our existing product portfolio and develop additional innovative products that leverage our platform of regenerative technologies to serve unmet medical needs.”
“We’ve built a strong conviction in the strength of Aziyo’s product portfolio and its prospects for sustained growth and value creation,” commented Winston Black, CEO of SWK Holdings. “I’m excited that SWK is able to provide significant capital infusion to support Aziyo’s mission of advancing regenerative medicine platforms to dramatically improve patient outcomes.”
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