Full Press Release Details
Ruthigen Announces Pricing of Initial
Santa Rosa, CA - March
21, 2014 - Ruthigen, Inc., (NASDAQ: RTGN), a biopharmaceutical company focused on the discovery, development and commercialization
of pharmaceutical-grade hypochlorous acid, or HOCl, based therapeutics designed to prevent and treat infection in invasive applications,
today announced the pricing of its initial public offering of 2,650,000 units, which reflects an increase in the originally anticipated
number of units, with each unit consisting of one share of common stock and one Series A Warrant. Each Series A Warrant is exercisable
for one share of common stock and one Series B Warrant to purchase one share of common stock. All of the units are being offered
by Ruthigen at an initial public offering price of $7.25 per unit. The units will not be certificated and the shares of common
stock and Series A Warrants may be transferred separately immediately upon issuance.
In addition, Ruthigen has granted the representative
of the underwriters a 45-day option to purchase up to 397,500 additional shares of common stock, and/or 397,500 additional Series
A Warrants, or any combination thereof. The shares of the Company's common stock are expected to begin trading on The NASDAQ
Capital Market on Friday, March 21, 2014 under the trading symbol "RTGN." The offering is expected to close on March
26, 2014, subject to customary closing conditions.
Series A Warrants issued in the initial public offering are immediately exercisable upon issuance at an initial exercise price
of $7.25 per warrant. The Series A Warrants will expire on the second anniversary of the date of issuance. The Series B Warrants
will be issued only upon exercise of the Series A Warrants and are immediately exercisable upon issuance at an initial exercise
price of $9.0625 per warrant. The Series B Warrants will expire on the fifth anniversary of the date of issuance. The
units, Series A Warrants and Series B Warrants will not be listed for trading on a securities exchange.
Dawson James Securities,
Inc. is acting as sole book-running manager for the underwritten offering.
A registration statement relating to the
securities sold in this offering was declared effective by the Securities and Exchange Commission on March 21, 2014. When available,
copies of the final prospectus relating to this offering may be obtained from Dawson James Securities, Inc., Attention: Prospectus
Department, 1 North Federal Highway, 5th Floor, Boca Raton, FL 33432, e-mail: mmaclaren@dawsonjames.com or toll free at
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, these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws
of such state or jurisdiction.
Ruthigen is a biopharmaceutical company
focused on the discovery, development, and commercialization of pharmaceutical-grade hypochlorous acid, or HOCl, based therapeutics
designed to prevent and treat infection in invasive applications. Ruthigen's lead drug candidate, RUT58-60, is a broad spectrum
anti-infective that Ruthigen is developing for the prevention and treatment of infection in surgical and trauma procedures. Ruthigen
plans to initiate patient enrollment for its Phase 1/2 clinical trial for RUT58-60 in the United States in July 2014 and pending
the successful completion of that trial and its planned pivotal clinical trials, the first of which it anticipates will be its
planned Phase 2B trial and the second of which it anticipates will be its planned Phase 3 trial, Ruthigen plans to submit its new
drug application to the FDA in late 2017. Ruthigen was incorporated in January 2013 as a wholly-owned subsidiary of Oculus Innovative
Forward-Looking Statements
Except for historical information herein, matters
set forth in this press release are forward-looking within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Any statements that are not historical fact (including, but not limited to statements
that contain words such as "will," "believes," "plans," "anticipates," "expects,"
"estimates,") should also be considered to be forward-looking statements. Forward-looking statements in this press
release are subject to certain risks and uncertainties that could cause actual results to vary, including, but not limited
to, market conditions and the satisfaction of conditions precedent for the closing of the offering, and the other risks set forth
in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation
to update these forward-looking statements, except as required by law.
Chief Financial Officer