|ADMA Biologics Completes Merger and Closes $17.5 Million Private Placement|
HACKENSACK, N.J.--(BUSINESS WIRE)-- ADMA Biologics, Inc. (“ADMA”), a clinical stage biotechnology company focused on the development and commercialization of human plasma and plasma-derived therapeutics, today announced the completion of a reverse merger with R&R Acquisition VI, Inc. (“R&R VI”), a public reporting company. The transaction was completed by the merger of a wholly-owned subsidiary of R&R VI with ADMA, with ADMA remaining as the surviving company and as a wholly-owned operating subsidiary of R&R VI. R&R VI was renamed ADMA Biologics, Inc. following completion of the merger. The resulting public company will implement the business plan of ADMA.
In addition, in conjunction with the merger, ADMA announced that it raised approximately $17.5 million through a private placement of 1,828,128 shares of Common Stock to institutional investors for $9.60 per share. Burrill & Company is the lead investor in the private placement, which also included significant participation from Aisling Capital and ADMA’s founders. Proceeds from the financing will support ADMA’s pivotal Phase III clinical trial for its lead product candidate, RI-001, in order to gain FDA approval of RI-001 as an intravenous immune globulin (“IGIV”) for the treatment of patients with Primary Immunodeficiency Disease (“PIDD”).
“We are very pleased that Burrill & Company is joining us to lead this round of financing for ADMA,” said Steve Elms, Managing Partner at Aisling Capital and Chairman of the Board of ADMA Biologics. “It is a strong sign of support for ADMA’s important work developing potentially lifesaving therapies for immunocompromised patients. They clearly share our confidence in ADMA’s RI-001 and in its upcoming Phase III clinical trial.”
“It’s not often that we have an opportunity to invest in a late-stage asset like ADMA’s RI-001 and in a company like ADMA,” said Bryant Fong, Managing Director at Burrill & Company. “From both a clinical development perspective and from a potential patient benefit perspective, we see a very compelling new product candidate that addresses an area of clinical unmet need, and we believe the ADMA management team is well-equipped to bring it to commercial success.”
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq: RODM), served as advisor for the merger and as exclusive placement agent in connection with the financing.
RI-001 is a plasma-derived, polyclonal, intravenous immune globulin with standardized high levels of antibodies against respiratory syncytial virus (“RSV”).
About ADMA Biologics, Inc.
ADMA is a clinical stage biotechnology company which focuses its efforts on the development and commercialization of human plasma and plasma-derived therapeutics. ADMA’s mission is to develop and commercialize plasma-derived, human immune globulins targeted at niche patient populations with unmet medical needs. In addition, ADMA operates ADMA BioCenters, a wholly-owned subsidiary and FDA-licensed source plasma collection facility located in Norcross, GA.
ADMA Biologics, Inc. was founded by Dr. Jerrold B. Grossman and Adam S. Grossman.
Cautionary Statement Regarding Forward-Looking Information
This press release contains “forward looking statements.” Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words “estimate,” “project,” “intend,” “forecast,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “will likely,” “should,” “could,” “would,” “may” or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements include, but are not limited to, statements concerning the timing, progress and results of the clinical development, regulatory processes, potential clinical trial initiations, potential investigational new product applications, biologics license applications, and commercialization efforts of the Company's product candidate(s). Forward-looking statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements, including, but not limited to, the risks listed under the heading “Risk Factors” in the Current Report on Form 8-K filed with the Securities and Exchange Commission by R&R Acquisition VI, Inc. on February 13, 2012. Therefore, current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent to the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation or warranty by ADMA or any other person that the objectives and plans of ADMA will be achieved in any specified time frame, if at all. Except to the extent required by applicable laws or rules, ADMA does not undertake any obligation to update any forward looking statements or to announce revisions to any of the forward-looking statements.