Business
ADMA Biologics Announces Closing of $57.5 Million Public Offering Including Full Exercise of Underwriters’ Option to Purchase Additional Shares
RAMSEY, N.J. and BOCA RATON, Fla., Oct. 25, 2021 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA), an end-to-end commercial biopharmaceutical company
About this update from Adma Biologics Inc
[{"type":"text","content":"RAMSEY, N.J. and BOCA RATON, Fla., Oct. 25, 2021 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA), an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics, today announced the closing of its previously announced underwritten public offering of 50 million shares of its common stock at a public offering price of $1.00 per share, in addition to the exercise in full of the underwriters’ option to purchase an additional 7.5 million shares of common stock. The gross proceeds from the exercise of the overallotment option were $7.5 million, bringing the total gross proceeds to ADMA from the offering to $57.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses. ADMA intends to use the net proceeds from this offering (i) to advance the commercial sales of its U.S. Food and Drug Administration (FDA)-approved products through the procurement of raw materials for the manufacturing of BIVIGAM® and ASCENIV™; (ii) to expand its plasma collection facility network; (iii) to scale up the manufacturing capacity of its Boca Raton facility and to make continuous improvements in order to adhere to current Good Manufacturing Practice (cGMP) compliance; (iv) to explore business development opportunities; and (v) for general corporate purposes and other capital expenditures. Raymond James & Associates, Inc. and Cantor Fitzgerald & Co. acted as joint book-running managers for the offering. The offering of the securities described above was made by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-256643) previously filed with the Securities and Exchange Commission (“SEC”) and declared effective on August 3, 2021. The final prospectus supplement and the accompanying prospectus relating to the offering was filed with the SEC on October 21, 2021 and is available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, or by telephone at (800) 248-8863, or e-mail at [email protected], or from Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue,...