Business
Rockwell Medical Closes $15 Million Financing from Leading Healthcare Investor
WIXOM, Mich., June 7, 2022 /PRNewswire/ -- Rockwell Medical, Inc. (Nasdaq: RMTI) has closed the previously announced $15 Million in financing, consisting of
About this update from Rockwell Medical, Inc.
[{"type":"text","content":"WIXOM, Mich., June 7, 2022 /PRNewswire/ -- Rockwell Medical, Inc. (Nasdaq: RMTI) has closed the previously announced $15 Million in financing, consisting of $12 Million in a Registered Direct Offering, and $3 Million in a private investment in public equity (PIPE), both priced at-market, with Armistice Master Fund Ltd. The closing occurred on June 2, 2022.\n\n \n \n \n \n \n \n\n \n\"We are pleased to work again with Armistice, a leading institutional investor in life science companies, as the sole investor in this financing. Our plan includes both advancing our Ferric Pyrophosphate Citrate (FPC) development programs and improving our dialysis business. We are reengineering our concentrates business for revenue growth and improved margins. In addition, we are preparing to conduct our Phase 2 clinical trial of FPC in home infusion patients, pending submission of additional CMC data in support of FDA clearance to start this trial,\" said Russell Ellison, M.D., M.Sc., President and CEO. \"The growth trend toward medical care at home is significant and the global IV iron market exceeds $1 billion annually. We believe that FPC is uniquely positioned, with the potential to be the future standard of care for patients with iron deficiency anemia who are receiving infusion therapy at home. With this funding secured, we have strengthened the ability to execute our business plan and generate important clinical data and business milestones.\" \nThe receipt of the $15 million in proceeds is expected to trigger the $7.5 million second tranche investment from DaVita, Inc. on terms previously disclosed.\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 treatment of iron deficiency anemia in patients outside of dialysis, who are receiving intravenous medications in the home infusion setting. In addi...