Scilex Holding to Pay $2 Million to Oramed Pharmaceuticals in Loan Accord

MT Newswires Live09-24

Scilex Holding (SCLX) agreed to pay $2 million to Oramed Pharmaceuticals (ORMP) under a securities purchase agreement.

Of the amount, $1.7 million will applied to the amortization payment due under the $101.9 million senior secured promissory note that Scilex issued to Oramed in 2023, according to a regulatory filing Monday. This note was part of an accord that replaced a previous SPA and debtor in possession term loan facility that Oramed had with Sorrento Therapeutics (SRNE), which Scilex assumed.

The remaining $300,000 is for the purchase of certain warrants to buy Scilex common stock. These warrants were part an agreement providing Oramed with the option to purchase up to 17 million shares of Scilex.

Shares of Scilex fell 9.4% in recent Monday trading, and Oramed rose 3% in

Price: 0.91, Change: -0.09, Percent Change: -9.42

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