Ruthigen to price initial public offering of stock on Wednesday

Price expected to fall between $12.00 and $14.00

By Aleesia Forni and Devika Patel

Virginia Beach, Nov. 18 - Ruthigen, Inc. will price its initial public offering of common shares on Wednesday to trade Thursday, according to a market source. The company plans to sell 1.5 million shares with a 45-day greenshoe for 225,000 additional shares, according to an S-1 filed with the Securities and Exchange Commission.

The shares will be sold at a price expected to fall between $12.00 and $14.00 per share.

Plans for the deal were announced on Aug. 8, and the size was announced Oct. 16.

Aegis Capital Corp. is the bookrunning manager. Dawson James Securities, Inc. and Chardan Capital Markets LLC are the co-managers.

Proceeds will be used for a planned phase 1/2 clinical trial of RUT58-60, to establish and validate an independent research and development and cGMP manufacturing facility and for general corporate purposes, including working capital.

The Santa Rosa, Calif., biopharmaceutical company is a subsidiary of Oculus Innovative Sciences, Inc. The company expects its shares will trade on the Nasdaq under the symbol "RTGN."

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