ADMA Biologics Completes Merger And Closes $17.5 Million Private Placement
ADMA Biologics, Inc. (“ADMA”), a clinical stage biotechnology company focused on the development and commercialization of human plasma and plasma-derived therapeutics, today announced the completion of a reverse merger with R&R Acquisition VI, Inc. (“R&R VI”), a public reporting company. The transaction was completed by the merger of a wholly-owned subsidiary of R&R VI with ADMA, with ADMA remaining as the surviving company and as a wholly-owned operating subsidiary of R&R VI. R&R VI was renamed ADMA Biologics, Inc. following completion of the merger. The resulting public company will implement the business plan of ADMA.
In addition, in conjunction with the merger, ADMA announced that it raised approximately $17.5 million through a private placement of 1,828,128 shares of Common Stock to institutional investors for $9.60 per share. Burrill & Company is the lead investor in the private placement, which also included significant participation from Aisling Capital and ADMA’s founders. Proceeds from the financing will support ADMA’s pivotal Phase III clinical trial for its lead product candidate, RI-001, in order to gain FDA approval of RI-001 as an intravenous immune globulin (“IGIV”) for the treatment of patients with Primary Immunodeficiency Disease (“PIDD”).
“We are very pleased that Burrill & Company is joining us to lead this round of financing for ADMA,” said Steve Elms, Managing Partner at Aisling Capital and Chairman of the Board of ADMA Biologics. “It is a strong sign of support for ADMA’s important work developing potentially lifesaving therapies for immunocompromised patients. They clearly share our confidence in ADMA’s RI-001 and in its upcoming Phase III clinical trial.”
“It’s not often that we have an opportunity to invest in a late-stage asset like ADMA’s RI-001 and in a company like ADMA,” said Bryant Fong, Managing Director at Burrill & Company. “From both a clinical development perspective and from a potential patient benefit perspective, we see a very compelling new product candidate that addresses an area of clinical unmet need, and we believe the ADMA management team is well-equipped to bring it to commercial success.”
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