Ruthigen Announces Partial Exercise of Underwriters' Option to Purchase Additional Shares
SANTA ROSA, Calif., May 5, 2014 /PRNewswire/ -- Ruthigen, Inc., (NASDAQ: RTGN), a biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics designed to prevent and treat infection in invasive applications, today announced that the underwriters of Ruthigen's recently completed initial public offering have partially exercised their option to purchase additional shares of common stock. The underwriters have purchased an additional 154,290 shares from Ruthigen pursuant to the option.
On March 26, 2014, Ruthigen closed its initial public offering of 2,650,000 units at a public offering price of $7.25 per unit, with each unit consisting of one share of common stock and one Series A Warrant. The partial exercise of the underwriters' option brings the total gross proceeds from the initial public offering to approximately $20.3 million, which has resulted in net proceeds to Ruthigen of approximately $16.5 million, after deducting underwriting discounts and commissions and offering expenses.
Dawson James Securities, Inc. acted as sole book-running manager for Ruthigen's initial public offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 21, 2014. The offering was made by means of a prospectus. Copies of the prospectus relating to this offering may be obtained by contacting Dawson James Securities, Inc., Attention: Prospectus Department, 1 North Federal Highway, 5th Floor, Boca Raton, FL 33432, e-mail: email@example.com or toll free at (866) 928-0928. Investors may also obtain these documents for no charge by visiting the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
Ruthigen, whose fiscal year end is March 31, is a biopharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics designed to prevent and treat infection in invasive applications. The Company's lead drug candidate, RUT58-60, is a broad spectrum anti-infective that Ruthigen is developing for the prevention and treatment of infection in surgical and trauma procedures. The Company plans to initiate patient enrollment for its Phase 1/2 clinical trial for RUT58-60 in the United States as early as July 2014 and pending the successful completion of that trial Ruthigen plans to conduct pivotal clinical trials, the first of which it anticipates will be its planned Phase 2B trial and the second of which it anticipates will be its planned Phase 3 trial.
SOURCE Ruthigen, Inc.