Rockwell commences warrant exchange offer

By Angela McDaniels

Seattle, Oct. 20 - Rockwell Medical Technologies, Inc. said it has begun its warrant exchange offer.

Under the terms of the offer, each of Rockwell's outstanding publicly traded common share purchase warrants with an exercise price of $4.50 can be exchanged for a new common share purchase warrant with an exercise price of $3.90.

Rockwell stock closed at $3.94 on Thursday.

The offer expires at 5 p.m. ET on Nov. 28 and both old and new warrants will expire on Jan. 26.

Rockwell estimates that it could raise more than $13.8 million if all the existing warrants are exchanged and the new warrants exercised.

The company said it will use the proceeds for business expansion, including additional production facilities, and to obtain FDA approval for its iron-delivery product, currently in phase-three clinical trials.

Commencement of the exchange follows the registration statement with the Securities and Exchange Commission becoming effective.

Rockwell is based in Wixom Road, Mich., and manufactures dialysis products for the health care industry.

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