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Journey Medical Corp (DERM) just unveiled an announcement.
Journey Medical Corporation has amended its credit agreement, increasing its loan facility from $20 million to $25 million, contingent on FDA approval for its drug DFD-29 by June 30, 2025. Currently, $20 million has been drawn, with further funds available upon satisfying the approval condition. The loan, maturing in December 2027, has a repayment schedule based on the company’s revenue, with interest rates pegged to the three-month term SOFR plus 7.75%. Additionally, the company has appointed healthcare investor Michael C. Pearce to its Board of Directors and has adopted a Deferred Compensation Plan for directors and select executives, allowing for the deferral of various forms of compensation.
For a thorough assessment of DERM stock, go to TipRanks’ Stock Analysis page.