Valeo also announced that it has entered into an agreement with Sagard Healthcare Royalty Partners, LP (Sagard) which is amending the Facility (the "Sagard Amendment"), to provide, among other things, for accelerated debt repayment of the Facility. Under the Sagard Amendment, Valeo will be required to make a first repayment of $10 million by August 31, 2024 (the "First Repayment"). Under the Sagard Amendment, Valeo will have the option (the "Repayment Option") at its discretion until August 31, 2024, to make an additional repayment of USD 5 million under the Facility, which amount is currently held in a restricted cash account.

Both repayments will be subject to contractually agreed prepayment and exit fees. In addition, under the Sagard Amendment, if Valeo elects to proceed with the Repayment Option, the minimum liquidity and cash balance requirements under the Facility have been set at $2 million in cash or cash equivalents.