The notes are backed by Azasite royalties. Any company with a royalty stream can monetize in this way (ency did the same with argotrobin royalties). Much easier and less expensive for Kumar to raise money like this than to try and raise $50M in equity (probably not possible). And a good deal for the noteholders too at low risk 16%.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.