ADMA Biologics dips after pricing $60 mln share offering

ADMA Biologics

07/12/2022 14:26

** ADMA Biologics Inc's  ADMA.O  shares down ~4% premarket
after overnight follow-on prices
    ** Infectious disease drug developer sells ~20.98 mln shares
at $2.86, 9.8% discount to last close  urn:newsml:reuters.com:*:nGNXbg3yqh
    ** Co plans to use net offering proceeds to accelerate
commercialization/production activities, complete plasma center
buildout and obtain FDA approvals
    ** Raymond James, Cantor Fitzgerald, Mizuho jt bookrunners
    ** Co has ~196.8 mln shares outstanding for $624 mln market
cap, per Refinitiv data, and ~176.9 mln shares of public float
    ** On Nov 9, ADMA reported Q3 rev beat and projected FY22
rev of ~$145 mln, up from prior $130 mln forecast  urn:newsml:reuters.com:*:nL4N326313
   ** Shares have climbed 23% over the past month and are up
~125% YTD through Tues close
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))