Business
Rockwell Medical Announces $15 Million At-Market Offering
WIXOM, Mich., May 31, 2022 /PRNewswire/ -- Rockwell Medical, Inc. (Nasdaq: RMTI), a biopharmaceutical company dedicated to transforming the treatment of iron
About this update from Rockwell Medical, Inc.
[{"type":"text","content":"WIXOM, Mich., May 31, 2022 /PRNewswire/ -- Rockwell Medical, Inc. (Nasdaq: RMTI), a biopharmaceutical company dedicated to transforming the treatment of iron deficiency and anemia management, today announced that it has entered into securities purchase agreements with Armistice Capital Master Fund Ltd., a leading healthcare investor, to purchase $15 million of common stock (or common stock equivalents in lieu thereof) and warrants. The combined purchase price for one share of common stock (or common stock equivalent) and a warrant to purchase one share of common stock is $1.515. The warrants have an exercise price of $1.39 per share and have a term of 5.5 years.\n\n \n \n \n \n \n \n\n \nThe Company is offering $12 million of securities in a registered transaction under the Company's shelf registration statement on Form S-3. The remaining $3 million of securities are being sold in a private placement transaction that is exempt from registration under Section 4(a)(2) of the Securities Act of 1933.\nThe receipt of the $15 million in proceeds is expected to trigger a subsequent $7.5 million investment from DaVita, Inc. on terms previously disclosed.\nThe Company intends to use the net proceeds to restructure its dialysis business and, pending FDA clearance, to advance the development of ferric pyrophosphate citrate (FPC) for patients with iron deficiency anemia who are receiving home infusion therapy.\nThis press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\nAbout Rockwell Medical Rockwell Medical is a commercial-stage biopharmaceutical company developing and commercializing its next-generation parenteral iron technology platform, Ferric Pyrophosphate Citrate (FPC), which has the potential to lead transformative treatments for iron deficiency in multiple disease states, reduce healthcare costs and improve patients' lives. The Company has two FDA-approved therapies indicated for patients undergoing hemodialysis, which are the first two products developed from the FPC platform. Rockwell Medical is also advancing its FPC platform by developing FPC for the treat...