ADMA Biologics Inc (NASDAQ:ADMA) saw its shares tumble after the company reported the commencement of a $45-million common stock offering.
ADMA, out of Ramsey, New Jersey, is a “vertically integrated commercial biopharmaceutical and specialty immunoglobulin company that manufactures, markets and develops specialty plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases”.
The Company intends to grant the underwriter of the offering a 30-day option to purchase up to an additional 15% of the number of shares of common stock sold in connection with the offering.
The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Jefferies LLC is acting as sole book-running manager of the proposed offering.
The Company intends to use the net proceeds from its sale of any securities to support the commercial launch of ASCENIV™ anticipated during the second half this year, for the commercial relaunch of BIVIGAM®, and to expand the manufacturing capacity of the Company’s Boca Raton, FL facility.
"ADMA's mission," according to Wednesday’s pres release, "is to develop and commercialize plasma-derived, human immune globulins targeted to niche patient populations for the treatment and prevention of certain infectious diseases and management of immune compromised patient populations.
"The target patient populations include immune compromised individuals who suffer from an underlying immune deficiency disease, or who may be immune compromised for other medical reasons."
Shares in ADMA slid 27 cents, or 6.1%, to $4.18
