Medgenics, Inc. raised $21.1 million in its follow-on offering at $5.50 per share. Needham acted as a co-manager on the transaction. The Company’s underwriters exercised their option to purchase an additional 196,363 shares of common stock at the follow-on offering price to cover over-allotments. The net proceeds from the sale of the shares from the offering will be used by Medgenics, Inc. to fund (i) product development activities, including the development of companion diagnostics for existing programs, (ii) patent maintenance fees and intellectual property support, (iii) licensing and research collaborations and (iv) general corporate purposes and working capital, which may include the acquisitions or licensing of complementary technologies, products or businesses.
Medgenics, Inc. (NYSE: MDGN) is dedicated to unlocking the potential of genomic medicine to identify and treat patients with life-altering conditions. Its efforts, including its internal research and development and ongoing sponsored research and licensing agreements with a well-respected pediatric academic medical center, give Medgenics the ability to focus on the underlying genetic pathway of pediatric diseases with the goal of finding therapeutic solutions for subpopulations of both children and adults living with rare and other difficult-to-treat diseases. Medgenics is also the developer of TARGT™ (Transduced Autologous Restorative Gene Therapy), a proprietary gene therapy platform.