NEW YORK, October 19, 2010 /PRNewswire/ -- Dipexium Pharmaceuticals today announced that it has raised aggregate gross proceeds of US$1.4 million in a private offering of its Class A Member Interests in a multiple-closing transaction commencing with the initial closing on July 23, 2010. The Class A Member Interests were offered by the Company at a price of US$50 per Class A Member Interest and included warrants to purchase one-half of one Class A Member Interest at a conversion price of US$60 per share. The warrants are fully vested and exercisable over a five year term from the closing date.
This resource will allow the Company to clarify with the U.S. regulatory authorities the clinical pathway to resubmission of our application for approval of pexiganan, our topical antibiotic product candidate to treat patients with mild diabetic foot infection (DFI), and to continue significant advancements toward completing the formulation modifications of pexiganan acetate to address previously identified cGMP concerns, stated David P. Luci, Co-Founder Managing Partner.
The Class A Member Interests and warrants offered by the Company were offered pursuant to an exemption from registration under the Securities Act of 1933, as amended.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Dipexium Pharmaceuticals, LLC is an emerging biopharmaceutical company initially formed to complete the development and initiate the commercialization of pexiganan, a novel, small peptide anti-infective agent. Pexiganan is formulated as a topical cream and, with its compilation of clinical data in over 1,100 evaluable patients to date, we believe pexiganan will be indicated to treat patients with mild diabetic foot infection, an area of substantially unmet medical need. With limited resource required to complete clinical development, management believes pexiganan has peak year sales potential of hundreds of millions of dollars in the U.S. and separately in the EU.
Dipexium was co-founded by Robert J. DeLuccia and David P. Luci, pharmaceutical executives who together have over 50 years experience in the healthcare industry sector.
For additional information about Dipexium Pharmaceuticals please visit: http://www.dipexiumpharmaceuticals.com
SOURCE: Dipexium Pharmaceuticals
CONTACT: David P. Luci, Dipexium Pharmaceuticals, LLC, +1-917-533-1469