PRINCETON, N.J.--(BUSINESS WIRE)--
Derma Sciences, Inc. (the "Company") (Nasdaq:DSCI), a tissue
regeneration company focused on advanced wound care, today announced the
closing of an underwritten public offering of 7,500,000 shares of common
stock at a price to the public of $11.50 per share, which includes the
exercise of the underwriters' option to purchase 978,261 shares of
common stock to cover over-allotments. Piper Jaffray & Co. and Canaccord
Genuity Inc. were joint bookrunning managers for the offering.
Oppenheimer & Co. Inc. and Roth Capital Partners were financial advisors
to the Company.
Total net proceeds to the Company were approximately $80.7 million after
deducting the underwriting discount and estimated offering expenses. The
Company expects to use the proceeds from the offering for the continued
development of DSC127, for sales force expansion and for general
"The proceeds from this offering bring us closer to achieving our goal
to be the leading company in advanced wound care," said Edward J.
Quilty, chairman and chief executive officer of Derma Sciences. "With
more than $100 million in cash on our balance sheet now, we will expand
our sales organization to sell our portfolio of cutting-edge products
including AmnioMatrix®, our novel human placental-derived tissue
products, and continue our DSC127 Phase 3 trials for diabetic foot ulcer
healing. In addition, these funds allow us the flexibility to bring in
other advanced wound care products and companies, should we identify
additional suitable candidates," Mr. Quilty added.
The offering was made pursuant to a shelf registration statement that
was previously filed with and declared effective by the Securities and
Exchange Commission (SEC) and a registration statement filed with and
declared effective by the SEC pursuant to Rule 462(b) promulgated under
the Securities Act of 1933, as amended.
A final prospectus supplement and accompanying prospectus related to the
offering was filed with the SEC on January 27, 2014. Electronic copies
of the prospectus supplement and accompanying prospectus can be obtained
through the website of the SEC at www.sec.gov.
When available, copies of the prospectus supplement and accompanying
prospectus relating to the offering can also be obtained by contacting
Piper Jaffray & Co., by mail at 800 Nicollet Mall, Suite 800,
Minneapolis, MN 55402, or by telephone at (800) 747-3924 or by
contacting the Syndicate Department of Canaccord Genuity Inc., by mail
at 99 High Street, 12th Floor, Boston, MA 02110, or by telephone at
This news release does not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein, nor shall there be
any sale of these securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction.
This offering may be made only by means of a prospectus supplement and
accompanying base prospectus.
About Derma Sciences, Inc.
Derma Sciences is a medical technology company focused on three segments
of the wound care marketplace: pharmaceutical wound care products;
advanced wound care dressings to address chronic wounds including
diabetic ulcers; and traditional dressings. The Company has begun its
Phase 3 clinical trials in diabetic foot ulcer healing with DSC127,
based on excellent Phase 2 data. During the third quarter of 2014 Derma
Sciences expects to begin marketing AmnioMatrix®, a portfolio of two
novel human placental-derived tissue products for wound healing. Its
MEDIHONEY® product is the leading brand of honey-based dressings for the
management of wounds and burns. The product has been shown in clinical
studies to be effective in a variety of indications. TCC-EZ® is its
gold-standard total contact casting system for diabetic foot ulcers.
Other novel products introduced into the $14 billion global wound care
market include XTRASORB® for better management of wound exudate, and
BIOGUARD® for barrier protection against microbes and other contaminants.
For more information please visit www.dermasciences.com.
Statements contained in this news release that are not statements of
historical fact may be deemed to be forward-looking statements. Without
limiting the generality of the foregoing, words such as "may," "will,"
"expect," "believe," "anticipate," "intend," "could," "estimate" or
"continue" are intended to identify forward-looking statements. Readers
are cautioned that certain important factors may affect the Company's
actual results and could cause such results to differ materially from
any forward-looking statements that may be made in this news release or
that are otherwise made by or on behalf of the Company. Factors that may
affect the Company's results include, but are not limited to, product
demand, market acceptance, impact of competitive products and prices,
product development, completion of an acquisition, commercialization or
technological difficulties, the success or failure of negotiations and
trade, legal, social and economic risks. Additional factors that could
cause or contribute to differences between the Company's actual results
and forward-looking statements include but are not limited to, those
discussed in the Company's filings with the U.S. Securities and Exchange
Source: Derma Sciences, Inc