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Derma Sciences Raises $6.1 Million Through Private Placement
Date:4/1/2008

Funds will be used to accelerate sales force expansion

PRINCETON, N.J., April 1, 2008 /PRNewswire-FirstCall/ -- Derma Sciences Inc (OTC Bulletin Board: DSCI), a provider of advanced wound care products, said that its MEDIHONEY(TM) Wound & Burn Dressing with Active Leptospermum Honey has been well received by its target audience, and the Company believes strongly in the potential that it offers for rewarding growth. As a result, the Company intends to accelerate the expansion of its sales force and to broaden the scope of its licensing agreement with Comvita New Zealand, Ltd, its commercialization partner for MEDIHONEY. To facilitate this, the Company entered into securities purchase agreements with several accredited existing and new investors in connection with a private placement of common stock and warrants. Under the terms of the agreement, Derma will receive $6.1 million in gross proceeds from the sale of 6.1 million shares of its common stock and approximately 3.1 million warrants with an exercise price of $1.20. Subject to the satisfaction of customary closing conditions, the transaction is expected to close on or about April 2, 2008.

Aside from the sales force expansion and potentially a broadened license agreement relating to MEDIHONEY, net proceeds from the transaction will be also used for working capital as well as for general corporate purposes. Pending such uses, the proceeds are expected to temporarily pay down the Company's existing revolving credit facility. The offering was conducted in reliance on Section 4(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated there under.

Chairman and CEO Ed Quilty commented, "MEDIHONEY has the potential to improve the quality of life for people with hard-to-heal wounds that are a result of diabetes, vascular insufficiencies, and pressure ulcers -- the bane of nursing home patients. We also believe it will play an important role around the globe as clinicians lo
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SOURCE Derma Sciences Inc
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