WIXOM, Mich., May 15, 2013 (GLOBE NEWSWIRE) -- 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.
The net proceeds of the offering will be used to fund SFP clinical trials and for other general corporate purposes. The offering is expected to close on or about May 20, 2013, subject to the satisfaction of customary closing conditions.
Chardan Capital Markets, LLC is acting as the sole book-running manager for the offering. Summer Street Research Partners is acting as lead manager for the offering. C&Co/Prince Ridge LLC is acting as co-manager for the offering.A shelf registration statement (File No. 333-181003) relating to these securities was previously filed with, and declared effective by, the Securities and Exchange Commission. A preliminary prospectus supplement related to the offering was filed with the Securities and Exchange Commission on May 14, 2013. A final prospectus supplement describing the terms of the offering will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, by contacting Chardan Capital Markets LLC, Attention: Scott Blakeman, Director of Operations, 17 State Street, Suite 1600, New York, NY 10004, or by calling (646) 465-9025. An electronic copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering will be available on the website of the Securities and Exchange Commission at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Rockwell, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer of these securities will be solely by means of a prospectus included in the registration statement and a prospectus supplement that will be issued in connection with the offering . About SFP SFP is a unique iron compound that is delivered to the hemodialysis patient via dialysate, replacing the 5-7mg of iron lost during a dialysis treatment. SFP is introduced into the sodium bicarbonate concentrate that subsequently is mixed into dialysate. Once in the dialysate, SFP crosses the dialyzer membrane and enters the bloodstream where it immediately binds to apo-transferrin and is taken to the bone marrow, mimicking the way dietary iron is processed in the human body. In completed clinical trials to date, SFP has demonstrated that it can safely deliver iron and maintain hemoglobin levels, while decreasing ESA use without an increase in iron stores.