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 entered into definitive agreements with select institutional investors to raise gross proceeds of approximately $29 million. In the offering, the Company will issue approximately 3.5 million shares of common stock and five-year warrants to purchase approximately 1.75 million shares of common stock at an exercise 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. The private placement is subject to standard and customary closing conditions and is expected to close on or about June 23, 2011.
