ADMA raises $28.5 million in IPO

ADMA Biologics Inc. (OTCQB:ADMA) raised $28.5 million in an IPO on the OTC Bulletin Board through the sale of a bumped up number of shares at the low end of its proposed range. ADMA sold 3.4 million shares at $8.50, which values the company at $78.4 million. Last month, ADMA said it planned to sell 2.7 million shares at $8.50-$9.50. The company filed to raise up to $35.4 million in the IPO in February. Oppenheimer; Ladenburg Thalmann; Maxim Group; and Laidlaw are underwriters.

ADMA's RI-002 is in Phase III testing to treat primary immunodeficiency disease, with preliminary data expected in 4Q14 and a BLA submission slated for 1H15. RI-002 is a human plasma-derived, polyclonal IV Ig that has standardized high levels of antibodies against respiratory syncytial virus (RSV). ...