BOCA RATON, FL--(Marketwired - August 26, 2015) - Dawson James Securities, Inc. in conjunction with Skyline Medical Inc., (SKLN), announced today the closing of a firm commitment follow-on offering of 1,666,667 Units at $9.00 per Unit for a gross proceeds of $15.0 million. Each unit consists of one share of common stock, one share of Series B Convertible Preferred Stock and four Series A Warrants. The Units will be listed on The NASDAQ Capital Market under the ticker symbol "SKLNU" and will not separate for 6 months unless certain stipulations are met.
"We are pleased to provide Skyline Medical with the capital required to expand their business and deliver on their overall strategic plan," said Robert D. Keyser, Jr., Dawson James' CEO. "The strength of the Skyline Medical story, combined with this unique Unit structure, facilitated a successful transaction in the face of a volatile market environment," Keyser continued. Dawson James provided over 300 additional shareholders by utilizing its proprietary Diversified Investor Offering (DIO) approach including both fundamental institutional investors along with its significant retail and family office network. Keyser also noted "the up-listing from the OTCBB to NASDAQ should help position the Company going forward with increased liquidity as well as attracting new institutional investors." Skyline Medical intends to use the net proceeds from the offering to build inventory, increase R&D, and expand national sales and marketing as well as to redeem outstanding Convertible Notes.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on August 26, 2015. The offering was made only by means of a prospectus, which is part of the effective registration statement. A copy of the final prospectus relating to the offering may be obtained by contacting Dawson James Securities, Inc., Attention: Prospectus Department, 1 N. Federal Highway, Suite 500, Boca Raton, FL 33432, Telephone: 561-391-5555.
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 prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Skyline Medical
Skyline Medical Inc. is a medical device company that develops and manufactures The STREAMWAY® System a safe, environmentally conscious, innovative and cost-effective solution for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care. Skyline owns patent rights to its product, has previously received 510(k) approval from the FDA, and distributes these products to hospitals, surgical centers, and other medical facilities where bodily and irrigation fluids produced during surgical procedures must be contained, measured, documented, and disposed. Skyline's products minimize the exposure potential to the healthcare workers who handle such fluids. Skyline's goal is to create products that dramatically reduce staff exposure without significant changes to established operative procedures, historically a major stumbling block to innovation and product introduction.
About Dawson James Securities
Dawson James Securities specializes in capital raising for small and microcap public and private growth companies primarily in the Life Science/Health Care, Technology and Consumer sectors and is a full service investment banking firm with research, institutional and retail sales, and execution trading and corporate services. Headquartered in Boca Raton, FL, Dawson James is privately held with offices in New York, California, Maryland and New Jersey. www.dawsonjames.com
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information within the meaning of Section 27A Of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes", "expects", "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements.
Contact Information:
Member FINRA/SIPC
For more information, please contact:
Elise Stern
Managing Director, Corporate Finance
estern@dawsonjames.com
561-208-2926