Business
ADMA Biologics Announces Closing of Full Exercise of Underwriters’ Option to Purchase Additional Shares in Connection with Its Public Offering of Common Stock
RAMSEY, N.J. and BOCA RATON, Fla., Feb. 24, 2020 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA”), an end-to-end commercial biopharmaceutical
About this update from Adma Biologics Inc
[{"type":"text","content":"RAMSEY, N.J. and BOCA RATON, Fla., Feb. 24, 2020 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA”), an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases, today announced the closing of the issuance of an additional 3,525,000 shares of its common stock at a public offering price of $3.50 per share. The shares were issued pursuant to the full exercise of the underwriters’ overallotment option in connection with ADMA’s previously announced underwritten public offering of 23,500,000 shares of its common stock. The gross proceeds from the exercise of the overallotment option were approximately $12.3 million, bringing the total gross proceeds to ADMA from the offering to approximately $94.6 million, before deducting underwriting discounts and commissions and other estimated offering expenses.\n ADMA intends to use the net proceeds from this offering (i) for the procurement of raw materials for the manufacturing of BIVIGAM and ASCENIV; (ii) to support the ongoing commercial sales of BIVIGAM and ASCENIV; (iii) to expand the manufacturing capacity of its Boca Facility, including supply chain functions, and enhance the robustness of its supply chain oversight; (iv) to expand its plasma collection facility network; (v) for research and development and business development opportunities; and (vi) for general corporate purposes and other capital expenditures. Morgan Stanley and Jefferies LLC acted as joint book-running managers for the offering. Oppenheimer & Co. Inc. acted as co-manager for the offering. The offering was made only by means of a prospectus supplement and accompanying prospectus forming part of a “shelf” registration statement on Form S-3 (File No. 333-234107) previously filed with the Securities and Exchange Commission (“SEC”) on October 4, 2019, and declared effective by the SEC on October 15, 2019. The final prospectus supplement and the accompanying prospectus relating to the offering was filed with the SEC 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 Morgan Stanley & ...