Princeton-based tissue regeneration company Derma Sciences announced Friday it has priced its public offering of 6.52 million shares of common stock at $11.50 per share.
According to the announcement, the company has granted the underwriters a 30-day option to purchase an additional 978,261 shares to cover any potential over-allotments, if any. The offering is expected to close Tuesday. 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 expects to use the proceeds from the offering for the continued development of the wound-healing drug DSC127, for sales forces expansion, and for general corporate purposes, the company said in a statement.