Derma Sciences, Inc. (the “Company”)(Nasdaq: DSCI), a medical device and
pharmaceutical company focused on advanced wound care, today announced
the pricing of an underwritten public offering of 3,062,000 shares of
common stock at a price to the public of $10.34 per share. The Company
has granted the underwriters a 30-day option to purchase an additional
459,300 shares of common stock to cover over-allotments, if any. The
offering is expected to close on or about December 11, 2012, subject to
customary closing conditions. Piper Jaffray & Co. is acting as the sole
book-running manager in the offering, with Oppenheimer & Co. Inc. and
Canaccord Genuity Inc. acting as co-managers and Roth Capital Partners
acting as financial advisor to the Company.
Net proceeds from the sale of the shares of common stock, after
underwriting discounts and commissions and estimated offering expenses,
are expected to be approximately $29.3 million, or $33.8 million if the
underwriters exercise their option to purchase additional shares in
full.. The Company plans to use the net proceeds from the offering for
the continued development of DSC127 and for general corporate purposes.
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) 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 December 5, 2012. 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 from Piper
Jaffray & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or
email firstname.lastname@example.org, or by
telephone at (800) 747-3924.
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 and traditional dressings. Derma Sciences
has successfully completed a Phase 2 clinical trial in diabetic foot
ulcer healing with DSC127, an investigational pharmaceutical drug under
development for accelerated wound healing and scar reduction, and is
preparing to begin Phase 3 clinical trials. Its MEDIHONEY® product is
the leading brand of honey-based dressings for the management of wounds
and burns. The product has been shown to be effective in a variety of
indications, and was the focus of a positive large-scale, randomized
controlled trial involving 108 subjects with leg ulcers. Other novel
products introduced into the $14 billion global wound care market
include XTRASORB® for better management of wound exudate, BIOGUARD® for
infection prevention and TCC-EZ™, a gold-standard treatment for diabetic
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