Benzinga | Mar 23, 2021 01:52PM EDT

Daewoong Pharmaceutical Injects More Liquidity In Evolus

Evolus Inc (NASDAQ: EOLS) has announced that its strategic partner Daewoong Pharmaceutical Co. Ltd will pay Evolus $25.5 million in cash and eliminate $10.5 million of current and potential future milestone payments.

* Additionally, Daewoong will convert its debt into Evolus common shares, further reducing $40.5 million in convertible debt.

* Previously in January, the company eliminated $76.4 million in senior debt from Oxford Finance.

* Pro-forma cash position reached approximately $57 million and eliminated $127.4 million in debt and milestone payments.

* "We have resolved all legal matters relating to the International Trade Commission case with all parties and have a heightened focus on driving the growth of Jeuveau in the United States with plans to expand internationally with our European launch of Nuceiva in early 2022.", said David Moatazedi, President and CEO.

* The company will disclose more details in the fourth quarter financial update scheduled for tomorrow.

* Price Action: EOLS shares are up 15.4% at $16.56 in market trading hours on the last check Tuesday.