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MiddleBrook Pharmaceuticals to Raise $21 Million Through Private Placement of Common Equity
Date:1/25/2008

GERMANTOWN, Md., Jan. 25 /PRNewswire-FirstCall/ -- MiddleBrook Pharmaceuticals, Inc. (Nasdaq: MBRK), a pharmaceutical company focused on developing and commercializing novel anti-infective products, today announced that it has entered into definitive purchase agreements with institutional investors for the private placement of 8,750,000 shares of its common stock at $2.40 per share. The transaction also includes five-year warrants to purchase 3,500,000 shares of common stock at an exercise price of $3.00 per share. The transaction is expected to raise $21 million in gross proceeds.

The transaction is expected to close within the next several days. Investors in the offering include existing shareholders and several additional new institutional investors.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM) served as exclusive placement agent for the transaction.

The Company intends to use the proceeds from the financing to support the manufacture of MOXATAG(TM), its once-daily amoxicillin product, and for working capital and general corporate purposes.

"We believe the proceeds from this financing will provide sufficient capital to operate our business in 2008 and afford the Company greater flexibility and leverage as we seek to complete a strategic transaction over the coming months," stated Edward M. Rudnic, Ph.D., president and CEO of MiddleBrook. "We are very pleased to have received the support from our existing investors and several new
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SOURCE MiddleBrook Pharmaceuticals, Inc.
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