Dipexium Pharmaceuticals Raises US$1.4 Million in Private OfferingBy Dipexium Pharmaceuticals, PRNE
Monday, October 18, 2010
NEW YORK, October 19, 2010 - Dipexium Pharmaceuticals today announced that it has raised aggregate
gross proceeds of US$1.4 million in a private offering of its Class A Member
Interests in a multiple-closing transaction commencing with the initial
closing on July 23, 2010. The Class A Member Interests were offered by the
Company at a price of US$50 per Class A Member Interest and included warrants
to purchase one-half of one Class A Member Interest at a conversion price of
US$60 per share. The warrants are fully vested and exercisable over a five
year term from the closing date.
"This resource will allow the Company to clarify with the U.S. regulatory
authorities the clinical pathway to resubmission of our application for
approval of pexiganan, our topical antibiotic product candidate to treat
patients with mild diabetic foot infection (DFI), and to continue significant
advancements toward completing the formulation modifications of pexiganan
acetate to address previously identified cGMP concerns," stated David P.
Luci, Co-Founder & Managing Partner.
The Class A Member Interests and warrants offered by the Company were
offered pursuant to an exemption from registration under the Securities Act
of 1933, as amended.
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 the securities
in any state or jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such state or jurisdiction.
Dipexium Pharmaceuticals, LLC is an emerging biopharmaceutical company
initially formed to complete the development and initiate the
commercialization of pexiganan, a novel, small peptide anti-infective agent.
Pexiganan is formulated as a topical cream and, with its compilation of
clinical data in over 1,100 evaluable patients to date, we believe pexiganan
will be indicated to treat patients with mild diabetic foot infection, an
area of substantially unmet medical need. With limited resource required to
complete clinical development, management believes pexiganan has peak year
sales potential of hundreds of millions of dollars in the U.S. and separately
in the EU.
Dipexium was co-founded by Robert J. DeLuccia and David P. Luci,
pharmaceutical executives who together have over 50 years experience in the
healthcare industry sector.
For additional information about Dipexium Pharmaceuticals please visit:
David P. Luci, Dipexium Pharmaceuticals, LLC, +1-917-533-1469
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