Medgenics Announces Closing of Public Offering of Common Stock and Warrants
February 14 2013 - 3:30AM
Business Wire
Medgenics, Inc. (NYSE MKT: MDGN and AIM: MEDU, MEDG) (the
“Company” or “Medgenics”), the developer of a novel platform
technology for the sustained production and delivery of therapeutic
proteins in patients using their own tissue, announces yesterday’s
closing of an underwritten public offering of 5,600,000 shares of
common stock and Series 2013-A warrants to purchase up to an
aggregate of 2,800,000 shares of common stock. The shares and the
warrants were sold together as a fixed combination, each consisting
of one share of common stock and a warrant to purchase one-half of
a share of common stock, at a price to the public of $5.25 per
fixed combination. The shares of common stock and warrants were
issued separately. The warrants have an initial exercise price of
$6.78, are currently exercisable and will expire on February 13,
2018.
Gross proceeds to Medgenics were $29,400,000, before deducting
underwriting discounts and commissions and other offering expenses
payable by Medgenics. In addition, Medgenics granted the
underwriters a 45-day option to purchase up to an aggregate of
840,000 additional shares of common stock and/or additional
warrants to purchase up to an aggregate of 420,000 shares of common
stock.
Maxim Group LLC acted as sole book-running manager for the
offering. National Securities Corporation and MLV & Co. acted
as co-managers for the offering. Nomura Code Securities Limited and
SVS Securities Plc acted as sub-agents to the offering in
Europe.
The securities described above were sold by means of the
Company’s existing shelf registration statement on Form S-3, a
prospectus and related prospectus supplement, all as filed with the
Securities and Exchange Commission (the “SEC”). Copies of such
documents are available, on the SEC's website at
http://www.sec.gov, and, in addition, may be obtained from Maxim
Group LLC, Equity Syndicate Prospectus Department, 405 Lexington
Avenue, 2nd Floor, New York, NY, 10022, or by telephone at
1-212-895-3745, or by email at syndicate@maximgrp.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Medgenics
Medgenics is developing and commercializing Biopump™, a
proprietary tissue-based platform technology for the sustained
production and delivery of therapeutic proteins using the patient's
own tissue for the treatment of a range of chronic diseases
including anemia, hepatitis and hemophilia, among others.
Forward-looking Statements
This release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and as
that term is defined in the Private Securities Litigation Reform
Act of 1995, which include all statements other than statements of
historical fact, including (without limitation) those regarding the
Company's financial position, its development and business
strategy, its product candidates and the plans and objectives of
management for future operations. The Company intends that such
forward-looking statements be subject to the safe harbors created
by such laws. Forward-looking statements are sometimes identified
by their use of the terms and phrases such as "estimate,"
"project," "intend," "forecast," "anticipate," "plan," "planning,
"expect," "believe," "will," "will likely," "should," "could,"
"would," "may" or the negative of such terms and other comparable
terminology. All such forward-looking statements are based on
current expectations and are subject to risks and uncertainties.
Should any of these risks or uncertainties materialize, or should
any of the Company's assumptions prove incorrect, actual results
may differ materially from those included within these
forward-looking statements. Accordingly, no undue reliance should
be placed on these forward-looking statements, which speak only as
of the date made. The Company expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based. As a result of these factors, the events described in
the forward-looking statements contained in this release may not
occur.
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