3 million financing above market led by insiders...Big News!!!!! Insiders purchased about $1 million
July 8, 2013, 8:00 a.m. EDT
Alliqua Raises $3 Million in 2nd Quarter of 2013, Led by Members of Management and its Board of Directors
Equity Financings will Support Product and Business Development Initiatives -
NEW YORK, July 8, 2013 /PRNewswire via COMTEX/ -- Alliqua, Inc. (otcqb:ALQA) ("Alliqua" or the "Company") today announced that it has successfully met its financing goals, raising $3 million through the sale of common stock and warrants over the past 3 months. A group of accredited investors purchased the equity at $0.081 per share, coupled with a warrant to purchase an additional share of common stock at $0.097 per share.
The first $1 million investment, as previously disclosed by the Company, took place between April and May of 2013. The remaining $2 million was raised on June 28, 2013 and was led by group of Alliqua's management and board of directors, including Jerome Zeldis, Dave Johnson, David Stefansky, Joseph Leone and Kenneth Pearsen. Dr. Zeldis, who serves as the Chairman of the Board of Alliqua, is the current chief medical officer of Celgene Corporation. Mr. Johnson, who serves as Alliqua's CEO, was previously the CEO of Convatec. Mr. Johnson assumed the role of CEO of Alliqua in February 2013. Mr. Stefansky, who serves as a board member, is a co-founder and principal of Harborview Advisors, LLC. Summer Street Research Partners acted as lead investment banker to raise funds outside of insider participation.
Proceeds from the capital raises will provide additional working capital to support the Company's ongoing expansion of its wound dressing portfolio, which includes marketed products SilverSeal and Hydress dressings. It will also be used to further the development of Alliqua's transdermal drug delivery platform, as well as other potential business expansion opportunities. "We are excited to have completed this important financing to help us support our continued sales growth, as well as the advancement of key wound care produ