Biopharma Cred. Regulatory News (BPCR)

8 MARCH 2022 

BIOPHARMA CREDIT PLC

(THE "COMPANY")

NEW INVESTMENT  

BioPharma Credit PLC (LSE:BPCR) is pleased to announce that it, through its fully owned subsidiary, together with BioPharma Credit Investments V (Master) LP ("BioPharma-V" and jointly with the Company the "Lenders",) has entered into a definitive loan agreement with respect to a senior secured loan to UroGen Pharma, Inc., guaranteed by its parent, UroGen Pharma Ltd ("UroGen"). The Company will invest up to US$50.0 million and BioPharma-V will invest up to an additional US$50.0 million.

Based in Israel and the US, UroGen is a publicly traded biotech company dedicated to creating novel solutions that treat urothelial and specialty cancers with a current market capitalization of ~US$134 million (Ticker: URGN - NASDAQ). UroGen, a commercial stage biotech company, reported net sales of US$32 million during the first nine months of 2021. UroGen markets JELMYTO® (mitomycin), a prescription medicine used to treat adults with a type of cancer of the lining of the upper urinary tract including the kidney called low-grade Upper Tract Urothelial Cancer (LG-UTUC).

Under the terms of the transaction, the Company will invest up to US$50.0 million (US$37.5 million in the first tranche and up to an additional US$12.5 million by 31 December 2022) and BioPharma-V will invest up to US$50.0 million in parallel, with the Company acting as collateral agent. The loan will mature in March 2027 and will bear interest at 3-month LIBOR plus 8.25 per cent. per annum subject to a 1.25 per cent. floor along with a one-time additional consideration of 1.75 per cent. of the total loan amount payable upon funding of the first tranche.

Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP, the Company's investment manager commented:

"We are pleased to partner with UroGen in this transaction. This non-dilutive capital will support the continued launch of JELMYTO® as well as the ongoing clinical trials for UroGen's pipeline of specialty cancer products."

-Ends-

Enquiries

BioPharma Credit plc

via Link Company Matters Limited

Company Secretary

+44 (0)1392 477 509

J.P. Morgan Cazenove

+44 (0)20 7742 4000

William Simmonds

Buchanan

+44 (0)20 7466 5000 / biopharmacredit@buchanan.uk.com

David Rydell

Mark Court

Jamie Hooper

Henry Wilson

Notes to Editors:

BioPharma Credit PLC is London's only listed specialist investor in debt from the life sciences industry and joined the LSE on 27 March 2017. The Company seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. The Company seeks to achieve this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.

LEI: 213800AV55PYXAS7SY24