TIDMMEDG TIDMMEDU
RNS Number : 6795F
Medgenics Inc
19 June 2012
Press Release 19 June 2012
Medgenics, Inc.
("Medgenics" or "the Company")
Medgenics, Inc. Raises $9.5 Million in Private Placement
Medgenics, Inc. (NYSE MKT: MDGN and AIM: MEDU, MEDG), the
developer of a novel Biopump(TM) technology for the sustained
production and delivery of therapeutic proteins in patients using
their own tissue, today announced it has raised gross proceeds of
approximately $9.5 million (approximately $8.4 million net) through
the sale of 1,944,734 units (the "Units"), with each Unit
consisting of one share of the Company's Common Stock, $0.0001 par
value per share (the "Common Stock"), and a warrant to purchase
0.75 of one share of Common Stock (the "Warrants"). Each Unit was
sold for a purchase price of $4.90 to institutional and other
accredited investors in a private placement transaction. The
Warrants expire in five years, have an initial exercise price of
$8.34 per full share and become first exercisable on December 15,
2012.
Medgenics intends to use the proceeds from this private
placement to further its clinical trial programs for its
EPODURE(TM) Biopump producing erythropoietin for the treatment of
anemia, and its INFRADURE(TM) Biopump producing interferon-alpha
for the treatment of hepatitis, as well as for other research and
development, patent maintenance and other intellectual property
support and general corporate purposes.
The Units, including the Common Stock and the Warrants
constituting the Units, and the shares of Common Stock issuable
upon the exercise of the Warrants have not been registered under
the Securities Act of 1933, as amended, and may not be offered or
sold absent registration or an applicable exemption from
registration. Medgenics has agreed to cause the resale of the
Common Stock issued as part of the Units and the shares of Common
Stock issuable upon the exercise of the Warrants to be registered
for resale with the U.S. Securities and Exchange Commission.
Maxim Group LLC acted as the exclusive placement agent for the
private placement.
"To date in 2012 we have achieved several regulatory milestones
towards launching new clinical trials in the U.S and in Israel. The
capital we raised will be applied towards funding key studies in
anemia and hepatitis, as well as advancing our technologies along
the path towards commercialization," said Andrew L. Pearlman,
Ph.D., President and Chief Executive Officer of Medgenics.
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.
-Ends-
About Medgenics
Medgenics is developing and commercializing Biopump(TM), a
proprietary tissue-based platform technology for the sustained
production and delivery of therapeutic proteins using the patient's
own skin biopsy for the treatment of a range of chronic diseases
including anemia, hepatitis and hemophilia, among others. Medgenics
believes this approach has multiple benefits compared with current
treatments, which include regular and costly injections of
therapeutic proteins.
Medgenics has three long-acting protein therapy products in
development based on this technology:
-- EPODURE(TM) to produce and deliver erythropoietin for many
months from a single administration, has demonstrated elevation and
stabilization of hemoglobin levels in anemic patients for six to
more than 36 months in a Phase I/II dose-ranging trial, and has
received approval of a Phase IIa trial in dialysis patients due to
launch in Q2 2012 in Israel. An Investigational New Drug
application has been cleared by the FDA to initiate a Phase IIb
study to evaluate the safety and efficacy of EPODURE in the
treatment of anemia in dialysis patients in the U.S.
-- INFRADURE(TM) for sustained production and delivery of
interferon-alpha for use in the treatment of hepatitis is awaiting
final approval of two Phase I/II trials in Israel in hepatitis C,
slated to commence in Q3 2012, and is filed for Orphan Drug
Designation with the FDA to treat hepatitis D.
-- HEMODURE(TM) for sustained production and delivery of
clotting Factor VIII therapy for the sustained prophylactic
treatment of hemophilia is now in development.
Medgenics is focused on the development and manufacturing of its
innovative Biopumps, aiming to bring them to market via strategic
partnerships with major pharmaceutical and/or medical device
companies.
In addition to treatments for anemia, hepatitis and hemophilia,
Medgenics plans to develop and/or out-license a pipeline of future
Biopump products targeting the large and rapidly growing global
protein therapy market, which is forecast to reach $132 billion in
2013. Other potential applications for Biopumps include multiple
sclerosis, arthritis, pediatric growth hormone deficiency, obesity
and diabetes.
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.
For further information, contact:
Medgenics, Inc. Phone: +972 4 902 8900
Dr. Andrew L. Pearlman
andrew.pearlman@medgenics.com
Abchurch Communications Phone: +44 207 398 7719
Adam Michael
Joanne Shears
Jamie Hooper
jamie.hooper@abchurch-group.com
Nomura Code Securities. (NOMAD) Phone: +44 207 776 1200
Jonathan Senior
Giles Balleny
SVS Securities plc (Joint Broker) Phone: +44 207 638 5600
Alex Mattey
Ian Callaway
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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