Derma Sciences, Inc. Closes $29 Million Private Placement Financing
Published: Jun 27, 2011
PRINCETON, N.J.--(BUSINESS WIRE)--Derma Sciences, Inc. (“Derma Sciences” or “the Company”) (Nasdaq:DSCI), a medical device and pharmaceutical company focused on advanced wound care, today announced it has closed its previously announced private placement. The financing was led by leading institutional healthcare investors Jennison Associates LLC, RA Capital Management and Deerfield Management. In the offering, the Company raised $29,075,000 by issuing 3,524,239 shares of common stock and 1,762,118 warrants at an aggregate purchase price of $8.25 per share. The warrants have a five year life and are exercisable at a price of $9.90 per share. Net proceeds from this financing will be used to advance the Company’s pharmaceutical product DSC127 into Phase 3 trials for the treatment of diabetic foot ulcers, to hire additional salespeople for the Company’s advanced wound care products, to repay debt and for general corporate purposes.