WIXOM,
Mich., May 31, 2022 /PRNewswire/ -- Rockwell
Medical, Inc. (Nasdaq: RMTI), a biopharmaceutical company dedicated
to transforming the treatment of iron deficiency and anemia
management, today announced that it has entered into securities
purchase agreements with Armistice Capital Master Fund Ltd., a
leading healthcare investor, to purchase $15
million of common stock (or common stock equivalents in lieu
thereof) and warrants. The combined purchase price for one share of
common stock (or common stock equivalent) and a warrant to purchase
one share of common stock is $1.515.
The warrants have an exercise price of $1.39 per share and have a term of 5.5 years.
The Company is offering $12
million of securities in a registered transaction under the
Company's shelf registration statement on Form S-3. The remaining
$3 million of securities are being
sold in a private placement transaction that is exempt from
registration under Section 4(a)(2) of the Securities Act of
1933.
The receipt of the $15 million in
proceeds is expected to trigger a subsequent $7.5 million investment from DaVita, Inc. on
terms previously disclosed.
The Company intends to use the net proceeds to restructure its
dialysis business and, pending FDA clearance, to advance the
development of ferric pyrophosphate citrate (FPC) for patients with
iron deficiency anemia who are receiving home infusion therapy.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, 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 state or
jurisdiction.
About Rockwell Medical
Rockwell Medical is a commercial-stage biopharmaceutical
company developing and commercializing its next-generation
parenteral iron technology platform, Ferric Pyrophosphate Citrate
(FPC), which has the potential to lead transformative treatments
for iron deficiency in multiple disease states, reduce healthcare
costs and improve patients' lives. The Company has two FDA-approved
therapies indicated for patients undergoing hemodialysis, which are
the first two products developed from the FPC
platform. Rockwell Medical is also advancing its FPC
platform by developing FPC for the treatment of iron deficiency
anemia in patients outside of dialysis, who are receiving
intravenous medications in the home infusion setting. In
addition, Rockwell Medical is one of two major suppliers
of life-saving hemodialysis concentrate products to kidney dialysis
clinics in the United States.
For more information, visit www.RockwellMed.com.
Forward-Looking
Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as, "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue," "could,"
"can," "would," "develop," "plan," "potential," "predict,"
"forecast," "project," "intend," "look forward to," "remain
confident" or the negative of these terms, and similar expressions,
or statements regarding intent, belief, or current expectations,
are forward looking statements. While Rockwell Medical believes
these forward-looking statements are reasonable, undue reliance
should not be placed on any such forward-looking statements, which
are based on information available to us on the date of this
release. These forward-looking statements are based upon current
estimates and assumptions and are subject to various risks and
uncertainties (including, without limitation, those set forth in
Rockwell Medical's SEC filings), many of which are beyond our
control and subject to change. Actual results could be materially
different. Risks and uncertainties include, but are not limited to
those risks more fully discussed in the "Risk Factors" section of
our Annual Report on Form 10-K for the year ended December 31, 2021, as such description may be
amended or updated in any future reports we file with the SEC.
Rockwell Medical expressly disclaims any obligation to update our
forward-looking statements, except as may be required by law.
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SOURCE Rockwell Medical Technologies, Inc.