ADMA Biologics Announces Pricing Of Follow-On Offering

RAMSEY, N.J., Nov. 09, 2017 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq:ADMA) (“ADMA” or the “Company”), a vertically integrated commercial biopharmaceutical and specialty immunoglobulin company that develops, manufactures and markets specialty plasma-based biologics designed to treat Primary Immune Deficiency Disease (“PIDD”) and the prevention and treatment of certain infectious immunological diseases, today announced the pricing of an underwritten public offering of approximately 17.0 million shares of its common stock at a public offering price of $2.15 per share, representing gross proceeds of approximately $36.5 million.  In addition, ADMA has granted the underwriters a 30-day option to purchase up to approximately 2.5 million additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about November 13, 2017, subject to customary closing conditions.

The Company intends to use the net proceeds from this offering for (i) the purchase of raw material inventory and the ramp-up of its manufacturing capabilities, (ii) continued remediation of the issues identified in the Warning Letter issued by the U.S. Food and Drug Administration (the “FDA”) to Biotest AG (“Biotest”) in November 2014 (the “Warning Letter”) related to the plasma fractionation facility located in Boca Raton, Florida acquired by the Company in June 2017 (the “Boca Facility”), and in the Complete Response Letter issued by the FDA to the Company in July 2016 (the “CRL”), (iii) capital expenditures for the Boca Facility, (iv) product launch and medical education campaigns, (v) the build-out of a third plasma collection facility, (vi) research and development activities for the Company’s plasma collection programs and specialty plasma products, and (vii) working capital needs and general corporate purposes. The proceeds received from the offering are also expected to enable the Company, by June 30, 2018, to: (a) successfully complete its internal quality management system overhaul, (b) obtain approval, through a Prior Approval Supplement from the FDA, for an optimized manufacturing process for the Company’s FDA-approved marketed biopharmaceutical product, Bivigam (“Bivigam”), (c) improve the FDA inspection classification relative to the Warning Letter, (d) obtain marketing clearance for the relaunch of Bivigam, and (e) refile the Company’s Biologics License Application for its positive phase 3 product pipeline candidate, RI-002.

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