Rockwell Medical, Inc. (Nasdaq:RMTI), a fully-integrated biopharmaceutical company targeting end-stage renal disease (ESRD) and chronic kidney disease (CKD) with innovative products and services for the treatment of iron deficiency, secondary hyperparathyroidism and hemodialysis, announced today that it has priced an underwritten public offering of 11,475,410 shares of its common stock at a price to the public of $3.05 per share for gross proceeds of $35.0 million. The net proceeds from the sale of the shares, after deducting the underwriters' discounts and other estimated offering expenses payable by Rockwell, will be approximately $32.8 million. Rockwell has also granted the underwriters a 30-day option to purchase up to an additional 1,721,312 shares of common stock offered in the public offering to cover overallotments, if any.
Rockwell Medical manufactures, sells and distributes hemodialysis concentrates, comprising of two primary product types, acidified dialysate concentrate or acid concentrate and bicarbonate. Co.'s products include: Renal Pure® and CitraPure® Liquid Acid Concentrate, Dri-Sate® Dry Acid Concentrate and Mixing System, RenalPure® Powder Bicarbonate Concentrate, and SteriLyte® Liquid Bicarbonate Concentrate. Co. also provides ancillary products including blood tubing, fistula needles, custom kits, cleaning agents, and filtration salts to hemodialysis providers. Co. has licensed a drug therapy, soluble ferric pyrophosphate, for the delivery of iron supplementation for anemic dialysis patients.
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