Navigation Links
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 look for more effective and less toxic ways to deal with the onslaught of 'superbugs' such as MRSA. The proceeds from this private placement will help ensure that we achieve our key strategic initiatives -- to expand our sales force more rapidly and to maximize our growing success with the MEDIHONEY brand."

The private placement is set to fund on April 2, 2008. Quilty emphasized that the Company continues to self-fund its research and product development costs on all other products in its product line, and does not anticipate a further need for finances beyond this one-time push for MEDIHONEY. "The time is right for MEDIHONEY," he said, "and we decided not to wait."

The Company plans to announce results for its 4th quarter and year ended December 31, 2007, this morning as well.

About Derma Sciences

Derma Sciences is a global manufacturer and marketer of advanced wound- care products. Its key product, MEDIHONEY, is sold throughout the world by Derma Sciences and Comvita New Zealand -- the licensor of the patented honey- based technology -- and is the leading brand of honey-based dressings for the management of wounds and burns. The product has been shown to be effective in a variety of wounds and burns, and was recently the focus of two positive large-scale randomized controlled studies on leg ulcers. For more information about Derma Sciences, Inc., visit its home page on the Internet at http://www.dermasciences.com.

Forward-looking Statements

Statements contained in this 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 which may be made in this release or which are otherwise made by or on behalf of the Company. Factors which 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 Securities and Exchange Commission.


'/>"/>
SOURCE Derma Sciences Inc
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. American Academy of Dermatology Issues Statement Urging the Public to be Sun Smart(SM)
2. Derma Sciences to Report 2007 Fourth Quarter and Year-End Results on April 1, 2008
3. Galderma Announces HSR Clearance for Its Proposal to Acquire CollaGenex Pharmaceuticals
4. Echo Therapeutics Announces Positive Results from Symphony(TM) Transdermal Continuous Glucose Monitoring System Study at Tufts Medical Center
5. Lynchburg, VA Dermatologist Janet G. Hickman, MD Honored With Rose Hirschler Award from Womens Dermatologic Society
6. Suzanne M. Connolly, MD Named 2008-2009 President of Womens Dermatologic Society
7. ZARS Pharma Announces Worldwide License Agreement With Galderma Pharma S.A. for Pliaglis(TM), a Topical Local Anesthetic
8. Galderma Pharma, S.A. and ZARS Pharma, Inc. Extend Agreement to Cover Worldwide Rights for Pliaglis(TM)
9. Derma Sciences Announces Numerous Clinical Presentations on MEDIHONEY(TM) Wound & Burn Dressings at Upcoming SAWC Conference
10. Founding Father of Modern Cosmetic Dermatology Seeks to Warn Public of Misrepresented Data and Inappropriate Use of Botox
11. DermTech Adds Allan C. Halpern, MD, Chief of Dermatology at Memorial Sloan- Kettering Cancer Center, to Companys Melanoma Advisory Board
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... , ... June 27, 2016 , ... TopConsumerReviews.com recently awarded ... Eyeglasses . , Millions of individuals in the United States and Canada wear ... a way to both correct vision and make a fashion statement. Even celebrities use ...
(Date:6/26/2016)... ... 26, 2016 , ... PawPaws brand pet supplements owned by Whole ... enhance the health of felines. The formula is all-natural and is made from Chinese ... PawPaws Cat Kidney Support Supplement Soft Chews are Astragalus Root Extract and ...
(Date:6/25/2016)... ... ... Austin residents seeking Mohs surgery services, can now turn to Dr. Jessica Scruggs ... for medical and surgical dermatology. , Dr. Dorsey brings specialization to include Mohs surgery, ... Micrographic Surgery completed by Dr. Dorsey was under the direction of Glenn Goldstein, MD, ...
(Date:6/25/2016)... CA (PRWEB) , ... June 25, 2016 , ... As ... with Magna Cum Laude and his M.D from the David Geffen School of Medicine ... and returned to Los Angeles to complete his fellowship in hematology/oncology at the UCLA-Olive ...
(Date:6/24/2016)... Los Angeles, CA (PRWEB) , ... June 24, 2016 , ... ... plastic surgery procedures that most people are unfamiliar with. The article goes on to ... known procedures, but also many of these less common operations such as calf and ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... Capricor Therapeutics, Inc. ... company focused on the discovery, development and commercialization ... in its ongoing randomized HOPE-Duchenne clinical trial (Halt ... its 24-patient target. Capricor expects the trial to ... 2016, and to report top line data from ...
(Date:6/23/2016)... June 23, 2016 , , ... July 7, 2016 , , , , LOCATION: , , ... , , , EXPERT PANELISTS:  , , , Frost & ... Analyst, Christi Bird; Senior Industry Analyst, Divyaa Ravishankar and Unmesh Lal, ... The global pharmaceutical industry is witnessing an exceptional era. Several new ...
(Date:6/23/2016)... 23, 2016 Revolutionary technology includes ... Oticon , industry leaders in advanced audiology and hearing ... Oticon Opn ™, the world,s first internet connected hearing ... IoT devices.      (Photo: http://photos.prnewswire.com/prnh/20160622/382240 ... number of ,world firsts,: , TwinLink™ - ...
Breaking Medicine Technology: