Ruthigen to price initial public sale between $7.25 and $9.25 per unit

Bookrunner Dawson James raises funds for clinical trial of RUT58-60

By Devika Patel

Knoxville, Tenn., March 11 - Ruthigen, Inc. will sell 2.2 million units in its initial public offering with a 45-day greenshoe of 330,000 additional units, according to a Form S-1/A and free-writing prospectus filed Tuesday with the Securities and Exchange Commission. The deal was announced on Aug. 8 as a stock offering.

The units of one common share and one series A warrant will be sold on a firm-commitment basis at a per-unit price expected to fall between $7.25 and $9.25 per unit. Each two-year series A warrant is exercisable at 100% of the per-unit price for a unit of one common share and one series B warrant. Each five-year series B warrant is exercisable for one common share at 125% of the per-unit price.

Dawson James Securities, Inc. is the sole bookrunning manager.

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

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

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