|[January 24, 2014]
Derma Sciences Announces Pricing of Underwritten Public Offering of Common Stock
PRINCETON, N.J. --(Business Wire)--
Derma Sciences, Inc. (the "Company") (Nasdaq: DSCI), a tissue
regeneration company focused on advanced wound care, today announced the
pricing of an underwritten public offering of 6,521,739 shares of common
stock at a price to the public of $11.50 per share. The Company has
granted the underwriters a 30-day option to purchase an additional
978,261 shares of common stock to cover over-allotments, if any. The
offering is expected to close on or about January 29, 2014, subject to
customary closing conditions.
Piper Jaffray & Co. and Canaccord Genuity Inc. are acting as joint
bookrunning managers for the offering. Oppenheimer & Co. Inc. and Roth
Capital Partners are acting as financial advisors to the Company.
Gross proceeds from the sale of the shares of common stock are expected
to be approximately $75 million, or $86 million if the underwriters
exercise their option to purchase additional shares in full. Derma
Sciences expects to use the proceeds from the offering for the continued
development of DSC127, for sales force expansion, and for general
The offering is being made pursuant to a shelf registration statement
that was previously filed with and declared effective by the Securities
and Exchange Commission (SEC (News - Alert)) and a registration statement filed with
and declared effective by the SEC pursuant to Rule 462(b) promulgated
under the Securities Act of 1933, as amended.
A preliminary prospectus supplement and accompanying prospectus related
to the offering was filed with the SEC on January 23, 2014. A final
prospectus supplement and accompanying prospectus relating to the
offering will be filed with the SEC. Electronic copies of the prospectus
supplement and accompanying prospectus can be obtained through the
website of the SEC at www.sec.gov.
When available, copies of the prospectus supplement and accompanying
prospectus relating to the offering may also be obtained by contacting
Piper Jaffray & Co., by mail at 800 Nicollet Mall, Suite 800,
Minneapolis, MN 55402, or by telephone at (800) 747-3924 or by
contacting the Syndicate Department of Canaccord Genuity Inc., by mail
at 99 High Street, 12th Floor, Boston, MA 02110, or by telephone at
(800) 225-6201. Before investing in the offering, interested parties
should read in their entirety the prospectus supplement and the
accompanying prospectus and the other documents that the Company has
filed with the SEC that are incorporated by reference in the prospectus
supplement and the accompanying prospectus, which provide more
information about the Company and the offering.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein, 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 jurisdiction.
This offering may be made only by means of a prospectus supplement and
accompanying base prospectus.
About Derma Sciences, Inc.
Derma Sciences is a medical technology company focused on three segments
of the wound care marketplace: pharmaceutical wound care products;
advanced wound care dressings to address chronic wounds including
diabetic ulcers; and traditional dressings. The Company has begun its
Phase 3 clinical trials in diabetic foot ulcer healing with DSC127,
based on excellent Phase 2 data. During the third quarter of 2014 Derma
Sciences expects to begin marketing AmnioMatrix®, a portfolio of two
novel human placental-derived tissue products for wound healing. Its
MEDIHONEY® product is the leading brand of honey-based dressings for the
management of wounds and burns. The product has been shown in clinical
studies to be effective in a variety of indications. TCC-EZ® is its
gold-standard total contact casting system for diabetic foot ulcers.
Other novel products introduced into the $14 billion global wound care
market include XTRASORB® for better management of wound exudate, and
BIOGUARD® for barrier protection against microbes and other contaminants.
For more information please visit www.dermasciences.com.
Statements contained in this news release that are not statements of
historical fact may be deemed to be forward-looking statements. Without
limiting the generality of the foregoing, words such as "may," "will,"
"expect," "believe," "anticipate," "intend," "could," "estimate" or
"continue" are intended to identify forward-looking statements. Readers
are cautioned that certain important factors may affect the Company's
actual results and could cause such results to differ materially from
any forward-looking statements that may be made in this news release or
that are otherwise made by or on behalf of the Company. Factors that may
affect the Company's results include, but are not limited to, product
demand, market acceptance, impact of competitive products and prices,
product development, completion of an acquisition, commercialization or
technological difficulties, the success or failure of negotiations and
trade, legal, social and economic risks. Additional factors that could
cause or contribute to differences between the Company's actual results
and forward-looking statements include but are not limited to, those
discussed in the Company's filings with the U.S. Securities and Exchange
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