Derma Sciences, a global wound care products manufacturer, raised $36.4 million in a public offering of its common stock. The public offering covered 3,521,300 shares of its common stock at a per-share price of $10.34. This includes the exercise of an underwriters’ option for the purchase of 459,000 common stock shares for covering over-allotments.
The public stock offering was managed by Piper Jaffray & Co. Canaccord Genuity and Oppenheimer acted as co-managers for the offering, and Roth Capital Partners acted as financial advisors for the company.
According to a press release by the company, funds from the offering will be used to continue development of DSC127, an investigational drug designed to treat diabetic foot ulcers. Funds will also be used for general corporate and administrative purposes.
Edward Qualty is CEO and president at Derma Sciences. In prepared remarks, he said, "The closing of this offering is a significant achievement in supporting our strategy of leadership in advanced wound care.” He continued, "We plan to begin our Phase 3 studies with DSC127 in diabetic patients with non-healing foot ulcers in the coming weeks and we believe the capital raised through this offering provides the Company with the financial strength and opportunistic flexibility to maximize shareholder value."
The company filed a final prospectus supplement and other materials related to the offering with the SEC on December 7th.