scPharmaceuticals Announces $100 Million Debt Financing Agreement with Oaktree

sc Pharmaceuticals, Inc.

Funds to be used to facilitate the commercial launch of FUROSCIX® in the US.

BURLINGTON, Mass., Oct. 10, 2022 (GLOBE NEWSWIRE) — scPharmaceuticals Inc. (Nasdaq: SCPH), a pharmaceutical company focused on developing and commercializing products that have the potential to optimize delivery of infused therapies, improve patient care patient, and reduce health care costs, today announced that the company has signed a binding term sheet regarding a $100 million secured line of credit with funds managed by Oaktree Capital Management, LP (“Oaktree”). The potential transaction is subject to the execution by the parties of the definitive agreements and customary closing conditions to be stipulated therein. Final agreements are expected to be signed in mid-October. Cowen acted as exclusive financial advisor to scPharmaceuticals in this transaction.

scPharmaceuticals plans to use these available funds, along with available cash, to repay debt under its existing loan and guarantee agreement and execute the launch of FUROSCIX, which has received marketing approval from the US Food and Drug Administration. (FDA) in October. 7, 2022.

Under the terms of the binding term sheet, Oaktree is expected to provide scPharmaceuticals with $50 million immediately upon signing of the definitive agreements. The remaining $50 million would be made available in two additional $25 million tranches based on the achievement of pre-specified business milestones. The line of credit is expected to carry an interest rate equal to the three-month SOFR plus 8.75%, with an interest rate capped at 11, 75% per annum. Following the achievement of $100 million in net sales of FUROSCIX in the last twelve months in the US, the interest rate margin will be reduced to 8.25%. The line of credit is expected to mature five years after funding and has an interest period of 36 months.

“With FUROSCIX now approved for commercialization in the US, we have transitioned to a commercial-stage company and, combined with our current cash balances, this flexible financing provided by Oaktree will give us the resources to help drive a very solid commercial launch in the short term. term,” said John Tucker, CEO of scPharmaceuticals. “We strongly believe that FUROSCIX will fundamentally change the treatment paradigm for worsening congestive heart failure by significantly reducing the complications and costs associated with hospital admissions, a significant percentage of which are unnecessary. We will work tirelessly to make FUROSCIX available to patients who can benefit from it as soon as possible.”

“We are pleased to partner with scPharmaceuticals during this transformational period marked by the recent approval and upcoming release of FUROSCIX,” said Steve DeNelsky, general manager of Life Sciences Lending at Oaktree. “After a lack of innovation for several decades in the management of congestion due to fluid overload in patients with heart failure, FUROSCIX represents a groundbreaking advance that now enables the subcutaneous administration of furosemide outside the hospital. Through this capital extension, Oaktree looks forward to supporting the company’s leadership team in making this new therapy available to adult patients across the United States.”

scPharmaceuticals reported $56.0 million in cash, cash equivalents, restricted cash and investments as of June 30, 2022.

FUROSCIX® (furosemide injection) 80 mg/10 ml for subcutaneous use


FUROSCIX® (furosemide injection), 80 mg/10 mL for subcutaneous use is a loop diuretic indicated for the treatment of congestion due to fluid overload in adult patients with New York Heart class II and class III chronic heart failure. Association (NYHA).

FUROSCIX is not indicated for use in emergency situations or in patients with acute pulmonary edema. FUROSCIX Infusor will deliver only one 80 mg dose.


FUROSCIX is contraindicated in patients with anuria, patients with a history of hypersensitivity to furosemide or medical adhesives, and in patients with liver cirrhosis or ascites.

Furosemide can cause fluid, electrolyte, and metabolic abnormalities, particularly in patients receiving higher doses, patients with inadequate oral intake of electrolytes, and elderly patients. Serum electrolytes, CO2, BUN, creatinine, glucose, and uric acid should be monitored frequently during furosemide treatment.

Excessive diuresis can cause dehydration and reduced blood volume with circulatory collapse and possibly vascular thrombosis and embolism, particularly in elderly patients.

In patients with liver cirrhosis and ascites, sudden disturbances of fluid and electrolyte balance can precipitate hepatic encephalopathy and coma. Treatment in such patients is best started in the hospital.

Furosemide can cause dehydration and azotemia. If increased azotemia and oliguria occur during treatment for severe progressive kidney disease, furosemide should be discontinued.

Cases of tinnitus and reversible or irreversible hearing impairment and deafness have been reported with furosemide. Reports generally indicate that furosemide ototoxicity is associated with rapid injection, severe renal failure, use of higher than recommended doses, hypoproteinemia, or concomitant therapy with aminoglycoside antibiotics, ethacrynic acid, or other ototoxic drugs.

In patients with severe symptoms of urinary retention (due to bladder emptying disorders, prostatic hyperplasia, urethral narrowing), furosemide administration may cause acute urinary retention related to increased urine output and retention. These patients require careful monitoring, especially during the initial stages of treatment.

Please see full Prescribing Information for FUROSCIX at and Instructions for Use at

About scPharmaceuticals
scPharmaceuticals is a pharmaceutical company focused on developing and marketing products designed to reduce health care costs and improve health outcomes. The Company develops, internally and through strategic partnerships, innovative products and solutions aimed at expanding and advancing ambulatory care for selected acute conditions. The company’s main programs focus on subcutaneous self-administration of intravenous treatments in heart failure and infectious diseases. scPharmaceuticals is headquartered in Burlington, MA. For more information, visit

About Oak Tree

Oaktree is a leader among global investment managers specializing in alternative investments, with $159 billion in assets under management as of June 30, 2022. The firm emphasizes an opportunistic, value-driven, risk-controlled approach to investments in credit, private capital, real assets and listed shares. The firm has more than 1,000 employees and offices in 20 cities around the world. For additional information, visit Oaktree’s website at

Forward-Looking Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to historical fact should be considered forward-looking statements, including, without limitation without limitation, statements about the availability, timing and terms of the anticipated new credit facility, the significance and potential impact of clinical trial results and clinical data; the interpretation and analysis of the results of clinical trials; expectations regarding the potential market impact of FUROSCIX; the preparation and timing of commercial launch and the success of such commercialization; and the potential benefits, expected costs, and future plans and expectations for FUROSCIX. All forward-looking statements in this press release are based on management’s current expectations about future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those stated or implied by such statements. forward-looking statements. statements. These risks and uncertainties include, but are not limited to, the risk that the definitive agreements for the new line of credit may not be concluded on the expected time or terms anticipated or at all, or that the results of a clinical study may not necessarily predict the final results and that one or more of the clinical results may change materially after more extensive reviews of the data, and as more patient data become available, the risk that the results of a clinical study will be subject to interpretation and further analysis is needed and/or may contradict such results, the risk to the ability of the FUROSCIX on-body infusor to adequately deliver therapy, the receipt of regulatory approval for any of our product candidates, or, if approved, successful commercialization of said products, the risk of cessation or delay of any of the clinical trials in progress or planned and/or our development of our product candidates, the risk that the results of previously conducted studies will not be replicated or observed in ongoing or future studies involving our product candidates, risks related to manufacturing and quality assurance processes, and the risk that the current COVID-19 pandemic will affect device validation, drug stability testing and other Company operations. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in forward-looking statements, see the section entitled “Risk Factors” in the Company’s Annual Report. company on Form 10-K for the year ended December 31, 2021 on file with the Securities and Exchange Commission, available on the Securities and Exchange Commission website at, as well as discussions of possible risks, uncertainties and other important factors in the Company’s subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no obligation to update this information except as required by law.

katherine taudvin
scPharmaceuticals Inc., 781-301-6706
[email protected]

Hans Vitzthum
LifeSci Advisors, 617-430-7578
[email protected]

Leave a Comment