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
NEW YORK, July 8, 2013 /PRNewswire/ --
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
products," commented David Johnson, Alliqua's CEO. "Moreover, I believe that
the substantial financial commitment on the part of the executives and board
members who contributed to this financing round is indicative of our
commitment to the success of Alliqua as well as our belief in the vast
commercial potential we all believe exists in our technology. Together, we
will continue to work diligently to drive sales growth, improve design and
functionality of our dressings, expand our product lines and further our
transdermal drug delivery platform."
About Alliqua, Inc.
Alliqua, Inc. (ALQA) ("Alliqua") is a biopharmaceutical company focused on the
development, manufacturing, and distribution of proprietary transdermal wound
care and drug delivery technologies. Alliqua's technology platform produces
hydrogels, a 3-dimensional cross-linked network of water soluble polymers
capable of numerous chemical configurations.
Alliqua currently markets its new line of 510(k) FDA-approved hydrogel
products for wound care under the SilverSeal^® brand. Alliqua's electron beam
production process, located at its 16,000 square foot GMP manufacturing
facility in Langhorne PA, allows Alliqua to develop and custom manufacture a
wide variety of hydrogels. Alliqua's hydrogels can be customized for various
transdermal applications to address market opportunities in the treatment of
wounds as well as the delivery of numerous drugs or other agents for
pharmaceutical and cosmetic industries. Additionally, Alliqua's drug delivery
platform, in combination with certain active pharmaceutical ingredients, can
provide pharmaceutical companies with a transdermal technology to enhance
patient compliance and potentially extend the patent life of valuable drug
For additional information, please visit http://www.alliqua.com. To receive
future press releases via email, please visit: http://alliqua.com/contacts.
Any statements contained in this press release regarding our ongoing research
and development and the results attained by us to-date have not been evaluated
by the Food and Drug Administration.
Legal Notice Regarding Forward-Looking Statements
This release contains forward-looking statements. Forward-looking statements
are generally identifiable by the use of words like "may," "will," "should,"
"could," "expect," "anticipate," "estimate," "believe," "intend," or "project"
or the negative of these words or other variations on these words or
comparable terminology. The reader is cautioned not to put undue reliance on
these forward-looking statements, as these statements are subject to numerous
factors and uncertainties outside of the our control that can make such
statements untrue, including, but not limited to, inadequate capital, adverse
economic conditions, intense competition, lack of meaningful research results,
entry of new competitors and products, adverse federal, state and local
government regulation, termination of contracts or agreements, technological
obsolescence of our products, technical problems with our research and
products, price increases for supplies and components, inability to carry out
research, development and commercialization plans, loss or retirement of key
executives and research scientists and other specific risks. We currently have
no commercial products intended to diagnose, treat, prevent or cure any
disease. The statements contained in this press release regarding our ongoing
research and development and the results attained by us to-date have not been
evaluated by the Food and Drug Administration. There can be no assurance that
further research and development, and/or whether clinical trial results, if
any, will validate and support the results of our preliminary research and
studies. Further, there can be no assurance that the necessary regulatory
approvals will be obtained or that we will be able to develop new products on
the basis of our technologies. In addition, other factors that could cause
actual results to differ materially are discussed in our Annual Report on Form
10-K/A filed with the SEC on May 16, 2013 and our most recent Form 10-Q
filings with the SEC. Investors and security holders are urged to read these
documents free of charge on the SEC's web site athttp://www.sec.gov.We
undertake no obligation to publicly update or revise our forward- looking
statements as a result of new information, future events or otherwise.
Contacts for Alliqua, Inc.
Chief Financial Officer
SOURCE Alliqua, Inc.
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