NEW YORK, June 03, 2021 (GLOBE NEWSWIRE) — LifeMD, Inc. (“the Company”) (NASDAQ: LFMD), a leading direct-to-patient telehealth company, today announced that it has successfully settled a $15 million debt financing with B. Riley Principal Investments.
- Additional cash significantly strengthens balance sheet and supports company’s aggressive growth plan through 2022
- Transaction represents completion of LifeMD’s first debt financing
“We are very pleased to have entered into this debt transaction with B. Riley Principal Investments. We believe this transaction is strong validation of LifeMD’s telehealth platform and our continued investment in growth,” said Marc Benathen, Chief Financial Officer of LifeMD. “As we previously noted, our management team remained highly focused on strengthening our balance sheet to support our aggressive growth strategy and path to profitability, while keeping our shareholders’ best interests in mind. By completing this debt financing, LifeMD not only improves balance sheet liquidity, but forms a key partnership with a formidable institution with strong capital markets capabilities and deep relationships in the field.
“B Riley’s core investment team uses the company’s proprietary capital to make direct investments in companies with proven platform technologies with significant near-term growth potential,” said Bryant Riley, President and CEO of B. Riley. “We think LifeMD fits that profile. and we are committed to leveraging the full power of our banking platform and network to support the growth of LifeMD.
For more detailed information on the terms of the debt financing, please see LifeMD’s current report on Form 8-K filed with the Securities and Exchange Commission on June 3, 2021.
LifeMD, Inc. is a rapidly growing direct-to-patient telehealth company, providing virtual cash-based medical care in all 50 states. LifeMD’s telemedicine platform enables virtual access to affordable, convenient medical treatment from licensed providers and, when available, prescription drugs and over-the-counter products delivered directly to a patient’s home. To learn more, visit www.LifeMD.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and outlook, both commercial and financial. . Although we believe that our plans, intentions and expectations reflected or implied by these forward-looking statements are reasonable, we cannot assure you that we will meet or achieve such plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “believe”, “expect”, “anticipate”, “should”, “expect”, “will”, “may”, “intends”, “estimated” and “potential”, among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this press release include market conditions and those set forth in reports or documents we file from time to time with the Securities and United States Exchange Commission. All forward-looking statements attributable to LifeMD, Inc. or any person acting on its behalf are expressly qualified in their entirety by this disclaimer.
Marc Benathen, Chief Financial Officer
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