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ADMA Biologics closes $40M common stock offering

ADMA Biologics Inc. closed a public offering to raise gross proceeds of about $40 million.

The Ramsey, N.J.-based biopharmaceutical company sold 8,368,200 common shares at $4.78 apiece.

The underwriters have until July 8 to exercise an option to buy up to an additional 1,255,230 shares.

ADMA plans to use the net proceeds from the offering for remediation and ongoing improvement and enhancements at its plasma fractionation facility in Boca Raton, Fla.

The company will also use proceeds to acquire regulatory approvals and relaunch Bivigam to treat primary humoral immunodeficiency and to resubmit the biologics license application for its potential drug RI-002 to treat primary immunodeficiency diseases.

In addition, ADMA will use proceeds to acquire U.S. Food and Drug Administration approval for its third plasma collection facility and for general corporate purposes and other capital expenditures.

Raymond James & Associates Inc. acted as sole book-running manager for the offering, with Oppenheimer & Co. Inc. as lead manager and Chardan as co-manager.