Medgenics raises $29.4m in Wall Street, London offering

The company is developing a novel platform technology for the sustained production and delivery of therapeutic proteins in patients using their own tissue.

Medgenics Ltd. (AIM:MEDG; NYSE: MDGN), which is developing a novel platform technology for the sustained production and delivery of therapeutic proteins in patients using their own tissue, has raised $29.4 million in a Wall Street offering.

The biotech company priced 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 at an initial exercise price of $6.78. 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.

Maxim Group LLC acted as sole book-running manager for the offering and National Securities Corporation and MLV & Co. acted as co-managers for the offering. Nomura Code Securities Ltd. and SVS Securities plc acted as sub-agents to the offering in Europe. 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.

Published by Globes [online], Israel business news - www.globes-online.com - on February 10, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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