01:46 PM EDT, 09/23/2024 (MT Newswires) -- Scilex Holding ( SCLX ) agreed to pay $2 million to Oramed Pharmaceuticals ( ORMP ) under a securities purchase agreement.

Of the amount, $1.7 million will applied to the amortization payment due under the $101.9 million senior secured promissory note that Scilex ( SCLX ) issued to Oramed in 2023, according to a regulatory filing Monday. This note was part of an accord that replaced a previous SPA and debtor in possession term loan facility that Oramed had with Sorrento Therapeutics (SRNE), which Scilex ( SCLX ) assumed.

The remaining $300,000 is for the purchase of certain warrants to buy Scilex ( SCLX ) common stock. These warrants were part an agreement providing Oramed with the option to purchase up to 17 million shares of Scilex ( SCLX ).

Shares of Scilex ( SCLX ) fell 9.4% in recent Monday trading, and Oramed rose 3% in

Price: 0.91, Change: -0.09, Percent Change: -9.42