By MarketNewsVideo National Penn Bancshares (NPBC) maintained its quarterly dividend of 10 cents per share. The dividend is payable to shareholders of record as of May 3, 2013. The cash dividend will be paid May 17, 2013.
From: http://www.forbes.com/sites/marketnewsvideo/2013/04/17/daily-dividends-report-npbc-ccl-shw-mat-swk/
By Business Wirevia The Motley Fool
Filed under: Investing
InSite Vision Announces Sale of Besivance ® Royalty for $15 Million Plus a $1 Million Potential Milestone in Early 2014
The Royalty May Be Returned to InSite Vision In Whole or In Part If the Buyers Receive Certain Levels of Total Cash from the Royalty
ALAMEDA, Calif.–(BUSINESS WIRE)– InSite Vision Incorporated (OTCBB: INSV) today announced that it agreed to sell its royalty on future sales of Besivance®, to SWK Funding LLC, a wholly-owned subsidiary of SWK Holdings Corporation (OTCBB: SWKH) and Bess Royalty, L.P. for up to $16 million. Besivance (besifloxacin ophthalmic suspension) 0.6% is marketed globally by Bausch + Lomb for the treatment of bacterial conjunctivitis.
Under the terms of the agreement, SWK Funding will pay InSite Vision $15 million at closing with a further $1 million payable in February 2014 if Besivance net sales reach defined 2013 and second half 2013 revenue levels. When the buyers receive a 1X return of the total purchase price from the Besivance royalty, InSite Vision will receive 25% of the Besivance royalty paid above $4.2 million annually. When the buyers receive 2.75X of the total purchase price, the full royalty is returned to InSite Vision. SWK Funding will begin receiving Besivance royalties as of January 2013. Patent protection for Besivance in the United States expires in mid-2021.
“We are pleased to be able to monetize the Besivance royalty stream to provide a non-dilutive source of cash for the company’s operations,” said Tim Ruane, InSite Vision CEO. “This cash will enable us to fund our upcoming second BromSite Phase 3 clinical trial and stretch our cash runway well into 2014.”
InSite Vision recorded $1.2 million of Besivance royalty revenues in 2011 and $2.1 million for the year ended December 31, 2012.
“Our structured purchase of the Besivance royalty stream reflects our commitment to provide creative financing solutions to life science companies,” said Brett Pope, CEO of SWK Holdings Corporation. “We believe Besivance is an important ophthalmic antibiotic treatment option, and that Besivance has significant opportunities for future growth.”
About SWK Holdings Corporation
SWK is a specialized finance company with a focus on the global healthcare sector. SWK partners with ethical product marketers and royalty holders to provide flexible financing solutions at an attractive cost of capital to create long-term value for both SWK‘s business partners and its investors. SWK believes its financing …read more
Source: FULL ARTICLE at DailyFinance