The Princeton, N.J.-based medical device company said it plans to use the $33.8 million in net proceeds from the $36.4 million offering to further develop its lead drug candidate DSC127.
Derma Sciences said the drug is being designed to treat chronic diabetic foot ulcers.
"The closing of this offering is a significant achievement in supporting our strategy of leadership in advanced wound care," president & CEO Edward Quilty said in prepared remarks. "We plan to begin our Phase 3 studies with DSC127 in diabetic patients with non-healing foot ulcers in the coming weeks and we believe the capital raised through this offering provides the company with the financial strength and opportunistic flexibility to maximize shareholder value.
"In the meantime, we continue to focus activities on our commercial advanced wound care product line, and our dedicated sales force continues to offer a wide variety of technologically innovative, high-margin products to the 1,200 wound care centers across the U.S. and select international markets," Quilty added.
July was an eventful month for Derma Sciences. An oversight compelled Quilty to resign from the board of directors to mollify the NASDAQ stock exchange, just before the company won CE Mark approval in the European Union for a honey-based wound dressing.