WIXOM,
Mich., June 7, 2022 /PRNewswire/ -- Rockwell
Medical, Inc. (Nasdaq: RMTI) has closed the previously
announced $15 Million in financing, consisting of $12 Million in a Registered Direct Offering, and
$3 Million in a private investment in
public equity (PIPE), both priced at-market, with Armistice Master
Fund Ltd. The closing occurred on June 2,
2022.
"We are pleased to work again with Armistice, a leading
institutional investor in life science companies, as the sole
investor in this financing. Our plan includes both advancing
our Ferric Pyrophosphate Citrate (FPC) development programs
and improving our dialysis business. We are reengineering our
concentrates business for revenue growth and improved margins. In
addition, we are preparing to conduct our Phase 2 clinical
trial of FPC in home infusion patients, pending
submission of additional CMC data in support of FDA clearance to
start this trial," said Russell
Ellison, M.D., M.Sc., President and CEO. "The growth trend
toward medical care at home is significant and the global IV iron
market exceeds $1 billion annually.
We believe that FPC is uniquely positioned, with the potential to
be the future standard of care for patients with iron deficiency
anemia who are receiving infusion therapy at home. With this
funding secured, we have strengthened the ability to execute our
business plan and generate important clinical data and business
milestones."
The receipt of the $15 million in
proceeds is expected to trigger the $7.5
million second tranche investment from DaVita, Inc. on terms
previously disclosed.
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. There can be no assurance
that Rockwell Medical will be able to, among other
things, receive FDA clearance for its planned clinical trial of FPC
in home infusion patients or the timing of any such approval, have
sufficient capital to complete a trial in home infusion patients,
or maintain timing for planned clinical trials and regulatory
filings. 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.