Full Press Release Details
Jaguar Health Signs Definitive Agreement
dilutive Financing Transaction Involving Sale of Royalty
Rights Related to Future Potential Crofelemer (Mytesi)
COVID-related Indication Revenue Stream
No royalty payments due for 36 months
Company has started to identify key opinion
leader physicians in the US as well as Europe focused on addressing the symptoms - including gastrointestinal distress -
that afflict a significant proportion of COVID-19 survivors for an extended period after recovery
San Francisco, CA (March 9, 2021): Jaguar Health, Inc.
(NASDAQ:JAGX) ("Jaguar" or the "Company") today announced that the Company has signed the definitive agreement
(the "Agreement") related to the previously announced term sheet for a third non-dilutive royalty financing transaction,
pursuant to which Jaguar is selling to the lender for an aggregate purchase price of $5 million (the "Royalty Purchase Price")
a royalty interest in future potential crofelemer (Mytesi ) sales for the proposed COVID-related indication in long-hauler
patients (as defined below), for which the Company is currently exploring the pathway of conditional marketing authorization in
the European Union. The COVID-related indication is the initial indication to be pursued by Napo EU, the exclusive target of the
planned Dragon special purpose acquisition company (the "Dragon SPAC"), which is anticipated to be listed on AIM Italia.
"We are very happy to have secured an additional $5 million
of non-dilutive financing to fund pipeline opportunities for crofelemer (Mytesi)," stated Lisa Conte, Jaguar's founder, president,
and CEO. "We are continuing to actively investigate the long-hauler opportunity and have started to identify key opinion
leader physicians in the US, as well as Europe, focused on addressing the symptoms - including gastrointestinal distress
- that afflict a significant proportion of COVID-19 survivors for an extended period after recovery. Long-hauler syndrome
is now a recognized condition in the US, where there are at least 125 clinics dedicated to treating long-hauler patients."
Jaguar intends to use the proceeds from the proposed transaction
to support regulatory activities associated with the Company's development pipeline, including supporting the development program
for crofelemer for the prophylaxis and/or symptomatic relief of inflammatory diarrhea, initially to be studied in a long-hauler
COVID-19 recovery patient population (the "COVID-related indication"). This $5
million royalty financing transaction follows a $6 million royalty
transaction consummated in October 2020 and a $6 million royalty transaction
consummated in December 2020 with affiliates of the lender.
Further details of the transaction can be found in the Company's
Current Report on Form 8-K to be filed with the Securities and Exchange Commission on or around March 10, 2021.
Mytesi (crofelemer delayed release tablets), the only oral
plant-based prescription medicine approved under FDA Botanical Guidance, is a novel, first-in-class anti-secretory agent
which has a basic normalizing effect locally on the gut, and this mechanism of action has the potential to benefit multiple
disorders. Mytesi is a non-opiate chloride ion channel modulating antidiarrheal medicine that is approved in the U.S. by the
FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy.
About Jaguar Health, Inc. and Napo Pharmaceuticals, Inc.
Jaguar Health, Inc. is a commercial stage pharmaceuticals company
focused on developing novel, plant-based, non-opioid, and sustainably derived prescription medicines for people and animals with
GI distress, specifically chronic, debilitating diarrhea. Our wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing
and commercializing proprietary plant-based human gastrointestinal pharmaceuticals from plants harvested responsibly from 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 and the only oral plant-based prescription medicine approved under FDA
For more information about Jaguar, please visit https://jaguar.health.
For more information about Napo, visit www.napopharma.com.
Mytesi (crofelemer delayed release tablets)
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%).
More information and complete Prescribing Information are available
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.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking
statements." These include statements regarding the expectation that the Dragon SPAC will be listed on AIM Italia, and the
Company's belief that Mytesi's mechanism of action has the potential to benefit multiple disorders. 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.
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.
Source: Jaguar Health, Inc.