Benzinga | Apr 15, 2021 08:38AM EDT

Jaguar Health Announces Upsizing Of At-the-Market Financing Program By $15.3M With Ladenburg Thalmann & Co. Inc. For Potential Future Financing Needs

aguar Health, Inc. (NASDAQ:JAGX) ("Jaguar" or the "Company"), today announced the upsizing by $15.3 million of the at-the-market ("ATM") financing program the Company established on October 5, 2020 with Ladenburg Thalmann & Co. Inc. ("Ladenburg") for potential future financing needs.

On April 9, 2021, the Company filed a registration statement and prospectus supplement in connection with its previously disclosed At The Market Offering Agreement with Ladenburg, as agent, to increase the size of the at-the-market offering pursuant to which the Company may offer and sell, from time to time through Ladenburg, shares (the "ATM Shares") of the Company's common stock.

"We are very pleased to have expanded the capacity of the ATM program," said Lisa Conte, Jaguar's president and CEO. "While we do not anticipate issuing any shares at this time, the upsized ATM program is available to provide the Company with future funding, if needed, at the prevailing market price at the time of sale, hence, based on timing, potentially priced at-the-market, or above-the-market, as defined by Nasdaq."

"Jaguar and Napo Pharmaceuticals, our wholly owned subsidiary, have multiple clinical programs that are funded with non-dilutive financing," Conte said, "including Napo's ongoing pivotal Phase 3 trial of crofelemer for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy ("cancer therapyrelated diarrhea" ("CTD")), and our planned development program for lechlemer for the indication of the symptomatic relief of diarrhea and dehydration in cholera patients. On the financing front, it is important for the Company to have the flexibility to respond to relevant and critical emerging clinical needs as well - such as COVID-related diarrhea."

As announced, the Company is actively pursuing conditional marketing authorization from the European Medicines Agency for crofelemer for COVID-related diarrhea through Napo EU S.p.A. ("Napo EU"), Jaguar's wholly owned Italian subsidiary. "We expect that clinical efforts related to COVID-related diarrhea will be funded by the anticipated merger - aimed for mid-2021 - of Napo EU with the Dragon special purpose acquisition company (the "Dragon SPAC"), which is anticipated to be listed on AIM Italia," Conte added.