PlasmaTech Biopharmaceuticals closes underwritten public offering of common stock

PlasmaTech Biopharmaceuticals, Inc. (NASDAQ: PTBI, PTBIW), a biopharmaceutical company advancing patient care in critical areas, announced the closing of an underwritten public offering of 3,500,000 shares of common stock, and warrants to purchase up to an aggregate 3,500,000 shares of common stock, at an offering price of $4.00 per share and $.01 per warrant. The warrants have a per share exercise price of $5.00, are exercisable immediately, and expire 5 years from the date of issuance.

The gross proceeds to the Company from this offering were $14,035,000, before deducting underwriting discounts and commissions and other estimated offering expenses. All of the shares and warrants in the offering were sold by the Company.

The shares and warrants began trading on The NASDAQ Capital Market on December 19, 2014 under the symbols "PTBI" and "PTBIW," respectively.

Commenting on the news, Scott Schorer, CEO of PlasmaTech Biopharmaceuticals, Inc. stated, "We are pleased to be moving forward with the next stage of PlasmaTech's development, and look forward to delivering on the promise of our exciting technology platforms."

The Company intends to use the net proceeds received from the offering for the clinical development and validation of its licensed SDF Plasma Process, for the continued commercialization of MuGard and Proctigard, for the development of follow-on portfolio products, and for general corporate purposes including working capital. The Company also intends to use a portion of the net proceeds to make an upfront payment for the exclusive world-wide license of the SDF Plasma Process.

The Company has also granted the underwriters a 45-day option to purchase up to an additional 525,000 shares of common stock and/or 525,000 warrants to cover over-allotments, if any.

H.C. Wainwright & Co. and Aegis Capital Corp. are acting as joint book-running managers for this offering.

SOURCE PlasmaTech Biopharmaceuticals, Inc.