Derma Sciences skins out $36M

December 12, 2012 by MassDevice staff

Derma Sciences raises $36 million closes a $36 million public stock offering it plans to use to continue development on its lead drug candidate for diabetic foot ulcers.

Derma Sciences

Derma Sciences (NSDQ:DSCI) said it's closed an offering of some 3.5 million shares of its stock at $10.34 apiece.

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.

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"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.