Napo Pharmaceuticals Inc, a wholly-owned subsidiary of Jaguar Health Inc (NASDAQ:JAGX), is in discussions with insurers for better patient access to its Mytesi, plant derived prescription drug. The company is inaugurating a program to educate insurers about potential health benefits of its plant-based prescription drug.
FDA approved drug for the symptomatic relief of noninfectious diarrhea
Mytesi is the first US FDA approved drug indicated for oral administration to provide relief for noninfectious diarrhea in adults, who are suffering from HIV/AIDs and on antiretroviral therapy. Napo has extracted the active ingredient – Crofelemer in Mytesi from the red bark sap of Croton lechleri tree, a medicinal tree available in the Amazon rainforest.
Benefits from the untapped commercial opportunity
Vice President (Commercial Strategy) of Jaguar, Lan Wendt, said the company is thrilled to introduce this key component of its Mytesi market strategy and is in discussions with insurers to provide patient access to Mytesi. The company plans to benefit from untapped commercial opportunity through this initiative.
Napo expands NapoCares Patient Support Program
Napo has expanded its NapoCares Patient Support Program in the last month for its Mytesi as part of an improved market access strategy. It effectively improves co-pay support for commercially insured patients. This initiative allows low-income patients to access Mytesi with no additional payment. With the support of AssistRX, Napo is introducing a suite of patient services that comprise the patient assistance program and co-pay program this quarter.
Jaguar mobilizes $4.45 million
Jaguar has entered into pacts with several accredited and institutional investors, who agreed to exercise outstanding warrants and purchase common shares of up to 9.077 million. Chief Executive Officer and President of Jaguar, Lisa Conte, said the company is pleased that it generated $4.45 million. Gross proceeds from this deal will help the company support its patient access programs and remove the barriers for people who have HIV/AIDS to access its Mytesi.
Signs accounts receivable accord with Oasis Capital
Jaguar and Napo has signed an accounts receivable deal with Oasis Capital LLC to improve cash flow and support the business. As per the terms of this agreement, Oasis will acquire all the receivables of $2.75 million from the sale of Mytesi in April 2020 and receives a fee of $0.15 million.