DALLAS, TX and NEW YORK, NY--(Marketwired - April 24, 2015) - PlasmaTech Biopharmaceuticals, Inc. (PTBI), a biopharmaceutical company advancing protein biologic therapies and oncology supportive care products, announced today it had closed an upsized $7 million private placement of common stock with Knoll Capital Management and one additional global institutional fund manager. The private financing is comprised of 2,333,333 shares of common stock at a price of $3.00 per share. PlasmaTech plans to use the proceeds of the financing to accelerate development of its proprietary Salt Diafiltration (SDF™) Plasma Protein technology, working capital and general corporate purposes.
"We are pleased and excited to have both a new high quality institutional investor, and with the expanded participation of a current investor, to enable the build out of our proprietary plasma protein extraction and purification process," stated Steve H. Rouhandeh, PlasmaTech's Executive Chairman. "We look forward to a constructive and dynamic relationship moving forward."
The securities sold in this financing have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.
About Plasma Proteins and the SDF™ Process: The global market for drugs derived from human blood plasma fractionation is currently greater than US$15 billion, and is growing at a rate close to 10% annually. Despite this significant market opportunity, limited innovation in fractionation technology has occurred in decades. PTBI has developed and patented a new extraction process for plasma biologics that may fundamentally change the economics of blood plasma fractionation, and makes possible the extraction of several additional therapeutically useful plasma proteins. The Company believes that PlasmaTech's proprietary fractionation process is expected to significantly enhance yields of specific high-value proteins, including alpha-1 antitrypsin, expanding market opportunities while greatly enhancing margins. The Company believes that PlasmaTech's lead product opportunity, alpha-1 antitrypsin ("AAT"), will offer a potentially high revenue, short time-to-market respiratory product for treatment of inherited COPD, or alpha-1 antitrypsin deficiency ("AATD"), among other indications. In addition, the SDF process is expected to produce higher yields of other high-value proteins with significant therapeutic benefit.