MIAMI, Nov. 29, 2016 (GLOBE NEWSWIRE) -- The Female Health Company / Veru Healthcare (NASDAQ:FHCO) (FHC) today announced that it has completed an amendment to its existing $10 million revolving credit facility with BMO Harris Bank, N.A. FHC recently completed a transformational merger with Aspen Park Pharmaceuticals, Inc. (APP), a company focused on the development and commercialization of pharmaceutical and consumer health products for men's and women's health and oncology. The credit facility was approved and amended because of the merger, and as a result of the amendment the credit line is now available in accordance with its terms.
"The amended credit agreement increases our financial flexibility which allows more working capital for general corporate purposes," said Mitchell Steiner, M.D. President and Chief Executive Officer of The Female Health Company / Veru Healthcare. The revolving credit facility is secured by a lien against substantially all of the company's assets and expires on December 29, 2017. About The Female Health Company / Veru HealthcareThe Female Health Company / Veru Healthcare is a medical therapeutics company, with a focus on the development and commercialization of pharmaceuticals that qualify for the FDA's 505(b)(2) accelerated regulatory approval pathway as well as the 505(b)(1) pathway. The Company does business both as "Veru Healthcare" and as "The Female Health Company" and is organized as follows:
- Veru Healthcare manages the Pharmaceuticals Division, which develops and commercializes pharmaceutical products for men's and women's health and oncology.
- Veru Healthcare manages the Consumer Health and Medical Devices Division, which is focused on commercializing sexual healthcare products and devices for the consumer market, including the Company's Female Condom (FC2), which is referred to as the FC2 Female Condom ® in the consumer health products sector and as the Female Disposable Contraceptive Device (FC2) in the U.S. prescription market, and PREBOOST ® medicated individual wipes which is a male genital desensitizing drug product that helps in the prevention of premature ejaculation.
- The Female Health Company manages the Global Public Health Division, which is focused on the global public health sector FC2 business. This division markets the Company's Female Condom (FC2) to entities, including ministries of health, government health agencies, U.N. agencies, nonprofit organizations and commercial partners, that work to support and improve the lives, health and well-being of women around the world.
Contact:Kevin Gilbert 312.366.2633