ADMA Biologics Inc: Falls on upsized $82.3 mln stock offering

ADMA Biologics

07/02/2020 11:05

** Shares of drug developer  ADMA.O  drop 8.7% to $3.65
premarket
    ** Co offers 23.5 mln shares at $3.50/shr, a 12.5% discount
to stock's last close  urn:newsml:reuters.com:*:nGNX2D8vjP
    ** Expects gross proceeds of about $82.3 mln from upsized
offering
    ** ADMA intends to use net proceeds to advance development
of its immunodeficiency treatments Bivigam and Asceniv, expand
its Boca plant and enhance its plasma collection facility
    ** Co has ~59.3 mln shares outstanding and market
capitalization of ~$237.2 mln, as per Refinitiv 
    ** Morgan Stanley and Jefferies LLC are joint book-runners
    ** Up to Thursday's close, stock rose ~43% in last 12 months

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com ; +91 80 6182 2766))