Alliqua Raises $3 Million in 2nd Quarter of 2013, Led by Members of Management and its Board of Directors - Equity Financings will Support Product and Business Development Initiatives -
NEW YORK, July 8, 2013 /PRNewswire/ --
Alliqua, Inc. (OTCQB:ALQA) ("Alliqua" or the "Company") today announced that it has successfully met its financing goals, raising $3 million through the sale of common stock and warrants over the past 3 months. A group of accredited investors purchased the equity at $0.081 per share, coupled with a warrant to purchase an additional share of common stock at $0.097 per share.
The first $1 million investment, as previously disclosed by the Company, took place between April and May of 2013. The remaining $2 million was raised on June 28, 2013 and was led by group of Alliqua's management and board of directors, including Jerome Zeldis, Dave Johnson, David Stefansky, Joseph Leone and Kenneth Pearsen. Dr. Zeldis, who serves as the Chairman of the Board of Alliqua, is the current chief medical officer of Celgene Corporation. Mr. Johnson, who serves as Alliqua's CEO, was previously the CEO of Convatec. Mr. Johnson assumed the role of CEO of Alliqua in February 2013. Mr. Stefansky, who serves as a board member, is a co-founder and principal of Harborview Advisors, LLC. Summer Street Research Partners acted as lead investment banker to raise funds outside of insider participation.
Proceeds from the capital raises will provide additional working capital to support the Company's ongoing expansion of its wound dressing portfolio, which includes marketed products SilverSeal® and Hydress® dressings. It will also be used to further the development of Alliqua's transdermal drug delivery platform, as well as other potential business expansion opportunities. "We are excited to have completed this important financing to help us support our continued sales growth, as well as the advancement of key wound care products," commented David Johnson, Alliqua's CEO. "Moreover, I believe that the substantial financial commitment on the part of the executives and board members who contributed to this financing round is indicative of our commitment to the success of Alliqua as well as our belief in the vast commercial potential we all believe exists in our technology. Together, we will continue to work diligently to drive sales growth, improve design and functionality of our dressings, expand our product lines and further our transdermal drug delivery platform."
About Alliqua, Inc.
Alliqua, Inc. (ALQA) ("Alliqua") is a biopharmaceutical company focused on the development, manufacturing, and distribution of proprietary transdermal wound care and drug delivery technologies. Alliqua's technology platform produces hydrogels, a 3-dimensional cross-linked network of water soluble polymers capable of numerous chemical configurations.
Alliqua currently markets its new line of 510(k) FDA-approved hydrogel products for wound care under the SilverSeal® brand. Alliqua's electron beam production process, located at its 16,000 square foot GMP manufacturing facility in Langhorne PA, allows Alliqua to develop and custom manufacture a wide variety of hydrogels. Alliqua's hydrogels can be customized for various transdermal applications to address market opportunities in the treatment of wounds as well as the delivery of numerous drugs or other agents for pharmaceutical and cosmetic industries. Additionally, Alliqua's drug delivery platform, in combination with certain active pharmaceutical ingredients, can provide pharmaceutical companies with a transdermal technology to enhance patient compliance and potentially extend the patent life of valuable drug franchises.
Any statements contained in this press release regarding our ongoing research and development and the results attained by us to-date have not been evaluated by the Food and Drug Administration.
Legal Notice Regarding Forward-Looking Statements
This release contains forward-looking statements. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of the our control that can make such statements untrue, including, but not limited to, inadequate capital, adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, termination of contracts or agreements, technological obsolescence of our products, technical problems with our research and products, price increases for supplies and components, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists and other specific risks. We currently have no commercial products intended to diagnose, treat, prevent or cure any disease. The statements contained in this press release regarding our ongoing research and development and the results attained by us to-date have not been evaluated by the Food and Drug Administration. There can be no assurance that further research and development, and/or whether clinical trial results, if any, will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that we will be able to develop new products on the basis of our technologies. In addition, other factors that could cause actual results to differ materially are discussed in our Annual Report on Form 10-K/A filed with the SEC on May 16, 2013 and our most recent Form 10-Q filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. We undertake no obligation to publicly update or revise our forward- looking statements as a result of new information, future events or otherwise.
Contacts for Alliqua, Inc.
Chief Financial Officer
SOURCE Alliqua, Inc.