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Derma Sciences received $6.1 million in gross proceeds from the sale of6.1 million shares of its common stock and approximately 3.1 million warrantswith an exercise price of $1.20.
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Aside from the sales force expansion and potentially a broadened licenseagreement relating to MEDIHONEY, net proceeds from the transaction will bealso used for working capital as well as for general corporate purposes.Pending such uses, the proceeds are expected to temporarily pay down theCompany's existing revolving credit facility. The offering was conducted inreliance on Section 4(2) of the Securities Act of 1933, as amended, and Rule506 promulgated there under.
Chairman and CEO Ed Quilty commented, "MEDIHONEY is an extraordinaryproduct line, and we intend to add new products to the line during 2008. Thereception accorded to MEDIHONEY by the marketplace has been strong and we arepleased to have the capital to aggressively market MEDIHONEY."
About Derma Sciences
Derma Sciences is a global manufacturer and marketer of advanced wound-care products. Its key product, MEDIHONEY, is sold throughout the world byDerma Sciences and Comvita New Zealand -- the licensor of the patented honey-based technology -- and is the leading brand of honey-based dressings for themanagement of wounds and burns. The product has been shown to be effective ina variety of wounds and burns, and was recently the focus of two positivelarge-scale randomized controlled studies on leg ulcers. For more informationabout Derma Sciences, Inc., visit its home page on the Internet athttp://www.dermasciences.com.
Forward-looking Statements
Statements contained in this release that are not statements of historicalfact may be deemed to be forward-looking statements. Without limiting thegenerality of the foregoing, words such as "may," "will," "expect," "believe,""anticipate," "intend," "could," "estimate" or "continue" are intended toidentify forward-looking statements. Readers are cautioned that certainimportant factors may affect the Company's actual results and could cause suchresults to differ materially from any forward-looking statements which may bemade in this release or which are otherwise made by or on behalf of theCompany. Factors which may affect the Company's results include, but are notlimited to, product demand, market acceptance, impact of competitive productsand prices, product development, completion of an acquisition,commercialization or technological difficulties, the success or failure ofnegotiations and trade, legal, social and economic risks. Additional factorsthat could cause or contribute to differences between the Company's actualresults and forward-looking statements Include but are not limited to, thosediscussed in the Company's filings with the Securities and ExchangeCommission.Contact: Derma Sciences Inc Allen & Caron Inc Edward J. Quilty Rudy Barrio (US Investors) Chairman and CEO [email protected] [email protected] Brian Kennedy (media) (609) 514-4744 [email protected] (212) 691-8087
SOURCE Derma Sciences Inc
