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Asset/Investment Management
athyrium.com

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Investments

19

Portfolio Exits

9

Funds

4

About Athyrium Capital Management

Athyrium Capital Management (Athyrium) is a specialized asset management company formed in 2008 by Jeffrey A. Ferrell to focus on investment opportunities in the global healthcare sector. Athyrium invests across healthcare verticals including biopharma, medical devices and products, and healthcare services. The team partners with management teams to implement creative financing solutions to companies' capital needs. In addition, Athyrium manages similar healthcare assets on behalf of other institutional investors.

Headquarters Location

126 East 56th Street Floor 4

New York, New York, 10022,

United States

212-402-6925

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Latest Athyrium Capital Management News

RVL Pharmaceuticals plc Reports Third Quarter 2022 Financial Results; Provides Commercial Update

Nov 10, 2022

Bridgewater, New Jersey, UNITED STATES -- Third quarter 2022 UPNEEQ® net product sales of $10.0 million; 19% above second quarter 2022; 355% above third quarter 2021 -- -- Approximately 3,500 cumulative unique medical aesthetics practices placed orders for UPNEEQ through the end of the third quarter 2022, a 59% increase from the end of the second quarter 2022 -- -- Anticipates fourth quarter 2022 UPNEEQ net product sales to grow approximately 20% - 40% over the third quarter 2022, representing sales of approximately $12 - $14 million – -- Plans to launch new eCommerce platform in first quarter 2023 -- BRIDGEWATER, N.J., Nov. 10, 2022 (GLOBE NEWSWIRE) -- RVL Pharmaceuticals plc (Nasdaq: RVLP) (“RVL” or the “Company”), a specialty pharmaceutical company, today announced financial results and business highlights for the three months ended September 30, 2022. “UPNEEQ continues to gain traction within the eyecare and medical aesthetics markets, as demonstrated by the 19% sequential-quarter increase in net product sales in the third quarter. We continued to execute our multi-channel marketing plan and expanded our reach during the quarter, with approximately 3,500 cumulative unique medical aesthetics practices having placed orders for UPNEEQ and nearly 1,000 practices having placed re-orders as of quarter end,” stated Brian Markison. “As the first and only FDA-approved ophthalmic solution for blepharoptosis, or droopy eyelids, UPNEEQ is being embraced by providers and patients, alike. It is gratifying to see the creation – and development – of this new category, and we look forward to capturing the full value of what we believe is a significant opportunity. “UPNEEQ is the centerpiece of our strategy to be a leading player in ocular aesthetic medicine,” concluded Markison. Third Quarter 2022 Financial Highlights UPNEEQ net product sales of $10.0 million, up $7.8 million year-over-year, or 355%, and up $1.6 million, or 19%, from the second quarter of 2022. Approximately 17,000 cumulative unique pharmacy-paid prescribers at quarter end, an increase of 13% compared to the end of the second quarter of 2022. At quarter end, the Company’s optometry and ophthalmology customer base accounted for 68% and 32%, respectively, of its total unique eyecare prescriber base. Approximately 3,500 cumulative unique medical aesthetics practices had placed orders for UPNEEQ at quarter end, an increase of 59% from the end of the second quarter of 2022. Loss from continuing operations of $(14.4) million, compared to a loss of $(26.3) million in the prior year period. Adjusted EBITDA1 loss of $(10.9) million, compared to a loss of $(20.3) million in the prior year period. On August 8, 2022, the Company raised an aggregate of $43.9 million, comprised of $23.9 million in aggregate gross proceeds from the private placement of ordinary shares and $20.0 million from the concurrent issuance of second tranche senior secured notes. At September 30, 2022, cash and cash equivalents were $59.8 million and debt and financing obligations had an aggregate principal amount of $75.0 million. Third Quarter 2022 Financial Results Total revenues and net product sales, relating entirely to net product sales of UPNEEQ, increased by $7.8 million to $10.0 million in the three months ended September 30, 2022, as compared to $2.2 million in the three months ended September 30, 2021, primarily due to a year-over-year increase in sales volume reflecting expanded commercialization into eyecare markets and, since February 2022, the medical aesthetics market. Total cost of goods sold increased $1.4 million in the three months ended September 30, 2022 to $2.5 million, as compared to $1.1 million in the three months ended September 30, 2021. The year-over-year increase in cost of goods sold was primarily driven by an increase of $0.9 million in higher product costs for UPNEEQ due to higher sales volume and by an increase of $0.5 million in royalties and contingent milestone payments due under an intellectual property license agreement, each attributable to sales of UPNEEQ. Gross profit percentage increased to 75% in the three months ended September 30, 2022, as compared to 48% in the 2021 period, largely due to increased sales volume reflecting expanded commercialization of UPNEEQ. Selling, general and administrative expenses decreased $4.4 million in the three months ended September 30, 2022 to $20.4 million, as compared to $24.8 million in the three months ended September 30, 2021. The year-over-year decrease in selling, general and administrative expenses was primarily driven by (i) a decrease of $2.6 million in share based compensation expense reflecting an acceleration of vesting of certain equity awards triggered by the divestiture of a legacy business unique to the prior year quarter, (ii) a decrease of $2.7 million in legal and other professional fees, and (iii) a decrease of $0.5 million in marketing expenses for UPNEEQ, partially offset by (i) an increase of $0.4 million in net compensation and training costs primarily relating to our expanded salesforce and (ii) an increase of $0.9 million in transactional fees particular to the 2022 period. Research and development expenses decreased by $0.4 million in the three months ended September 30, 2022 to $1.0 million, as compared to $1.4 million in the three months ended September 30, 2021. The year-over-year decrease in R&D expenses primarily reflects a decrease of $0.2 million in share-based compensation expense. Total other non-operating activities contributed $(0.5) million of net loss in the 2022 period, largely reflecting $1.1 million of amortization expense from a financial commitment asset, partially offset by $0.4 million of net gains from the change in fair value of the Company’s debt and warrant liability. Total other non-operating activities in the 2021 period contributed a $(0.9) million loss, consisting primarily of interest expense and amortization of debt discount. Liquidity At September 30, 2022, the Company had cash and cash equivalents of $59.8 million and debt and financing obligations with aggregate principal amounts of $75.0 million, that are reflected on its balance sheet at fair value of $55.9 million. On August 8, 2022, the Company closed a private placement of 15,451,612 ordinary shares of the Company for $23.9 million in aggregate gross proceeds. Concurrently, the Company closed on the issuance of second tranche notes in an aggregate principal amount equal to $20.0 million following an amendment of its Note Purchase Agreement with funds managed by Athyrium Capital Management (“Athyrium”). Under the amendment, among other things, an affiliate of Athyrium also agreed to make available up to $25.0 million in cash from the issuance of third tranche notes through April 2023, subject to a minimum revenue target. Fourth Quarter 2022 UPNEEQ Net Sales Guidance The Company reaffirms its guidance targeting net sales of UPNEEQ for the fourth quarter of 2022 of between $12 million and $14 million, representing sequential growth of approximately 20% to 40% compared to the third quarter of 2022. Presentation of Non-GAAP Financial Measures In addition to our results determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) throughout this press release, we also present Adjusted EBITDA, which is a non-GAAP financial measurement. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (or “EBITDA”) adjusted for (i) non-operating income or expense and (ii) the impact of certain non-cash, non-recurring or other items that are included in loss from continuing operations and EBITDA that we do not consider indicative of our ongoing operating performance. In particular, our measurement of Adjusted EBITDA excludes the following from EBITDA: licensing-related revenues, net of transaction costs, divestiture-related contingent milestone payments, net of fees, changes in the fair value of our debt and interest expense and warrants recognized through earnings, gains or losses on the sale of product rights, impairments of intangible assets, asset disposal charges, debt financing costs, share-based compensation expense, severance expenses, foreign currency translation, legal settlements and expenses and other expenses. We use Adjusted EBITDA for business planning purposes, in assessing our performance and in measuring our performance relative to that of our competitors. We also believe that Adjusted EBITDA provides investors with useful information to understand our operating results and analyze financial and business trends on a period-to-period basis. Adjusted EBITDA has important limitations as an analytical tool, however, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Adjusted EBITDA is not intended to replace, and should not be considered superior to, the presentation of our financial results in accordance with GAAP. Our definition of Adjusted EBITDA may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. Adjusted EBITDA is reconciled from income or loss from continuing operations, the most comparable GAAP financial measure, in the attached table “RVL Pharmaceuticals plc - GAAP to Non-GAAP Reconciliations” at the end of this press release. Forward Looking Statements This press release includes statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The Company’s actual results may vary significantly from the results anticipated in these forward-looking statements, which can generally be identified by the use of forward-looking terminology, including the terms “believes,” “expects,” “may,” “will,” “should,” “seeks,” “projects,” “approximately,” “intends,” “plans,” “targets,” “estimates” or “anticipates,” or, in each case, their negatives or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, its results of operations, financial condition, liquidity, prospects, financial guidance, growth plan, strategies, trends and other events, particularly relating to sales of UPNEEQ, FDA and other regulatory applications, approvals and actions, our plans to launch a new eCommerce platform, the continuation of historical trends, our ability to manage costs and service our debt and the sufficiency of our cash balances and cash generated from operating and financing activities for future liquidity and capital resource needs. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We may not achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place significant reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Important factors that could cause actual results and events to differ materially from those indicated in the forward-looking statements include the following: UPNEEQ’s ability to reach market acceptance by clinicians and patients; our ability to successfully commercialize UPNEEQ; our customers’ willingness to pay the price we charge for UPNEEQ; the results of our marketing and sales expenditures; our dependence on third-party suppliers and distributors for UPNEEQ; UPNEEQ’s ability to produce its intended effects; failures of or delays in clinical trials or other delays in obtaining regulatory approval or commencing product sales for new products; the impact of legal proceedings; and other risks and uncertainties more fully described in the “Risk Factors” section of our Annual Report on Form 10-K filed on March 30, 2022, our Quarterly Report on Form 10-Q filed on November 10, 2022, and other filings that the Company makes with the Securities and Exchange Commission. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law. Conference Call As previously announced, RVL management will host its third quarter 2022 financial results conference call as follows: Date:

Athyrium Capital Management Investments

19 Investments

Athyrium Capital Management has made 19 investments. Their latest investment was in uMotif as part of their Series B on May 5, 2022.

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Athyrium Capital Management Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/25/2022

Series B

uMotif

$25.5M

Yes

3

12/7/2020

PIPE - II

BioCryst Pharmaceuticals

$325M

Yes

10

3/5/2019

Series A

Secura Bio

$55M

No

3

3/5/2019

Debt

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$99M

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10

7/25/2018

Unattributed

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$99M

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10

Date

5/25/2022

12/7/2020

3/5/2019

3/5/2019

7/25/2018

Round

Series B

PIPE - II

Series A

Debt

Unattributed

Company

uMotif

BioCryst Pharmaceuticals

Secura Bio

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Amount

$25.5M

$325M

$55M

$99M

$99M

New?

Yes

Yes

No

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Co-Investors

Sources

3

10

3

10

10

Athyrium Capital Management Portfolio Exits

9 Portfolio Exits

Athyrium Capital Management has 9 portfolio exits. Their latest portfolio exit was VillageMD on October 14, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/14/2021

Corporate Majority

$99M

19

1/7/2021

Reverse Merger

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$99M

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10

12/18/2020

Acq - Pending

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$99M

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10

6/19/2020

IPO

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$99M

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10

1/1/2017

Acquired

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$99M

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10

Date

10/14/2021

1/7/2021

12/18/2020

6/19/2020

1/1/2017

Exit

Corporate Majority

Reverse Merger

Acq - Pending

IPO

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

19

10

10

10

10

Athyrium Capital Management Acquisitions

1 Acquisition

Athyrium Capital Management acquired 1 company. Their latest acquisition was Interamerican Medical Center Group on February 02, 2017.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

2/2/2017

$99M

Acq - Fin

1

Date

2/2/2017

Investment Stage

Companies

Valuation

$99M

Total Funding

Note

Acq - Fin

Sources

1

Athyrium Capital Management Fund History

4 Fund Histories

Athyrium Capital Management has 4 funds, including Athyrium Healthcare Strategic Income & Growth IDF.

Closing Date

Fund

Fund Type

Status

Amount

Sources

1/6/2020

Athyrium Healthcare Strategic Income & Growth IDF

Private Debt (Other)

Open

$26M

1

12/4/2017

Athyrium Opportunities Fund III

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$99M

10

7/21/2015

Athyrium Opportunities Fund II

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$99M

10

5/20/2013

Athyrium Opportunities Fund

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$99M

10

Closing Date

1/6/2020

12/4/2017

7/21/2015

5/20/2013

Fund

Athyrium Healthcare Strategic Income & Growth IDF

Athyrium Opportunities Fund III

Athyrium Opportunities Fund II

Athyrium Opportunities Fund

Fund Type

Private Debt (Other)

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Status

Open

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Amount

$26M

$99M

$99M

$99M

Sources

1

10

10

10

Athyrium Capital Management Team

1 Team Member

Athyrium Capital Management has 1 team member, including current Managing Partner, Jeffrey Ferrell.

Name

Work History

Title

Status

Jeffrey Ferrell

Managing Partner

Current

Name

Jeffrey Ferrell

Work History

Title

Managing Partner

Status

Current

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