Dipexium Pharmaceuticals Closes IPO

(RTTNews) - Dipexium Pharmaceuticals Inc (DPRX) Tuesday announced the closing of its initial public offering of about 3.16 million shares of its common stock at a public offering price of $12.00 per share.

The shares sold include 412,500 shares which were subject to an underwriters' over-allotment option that was exercised and closed on concurrently with the closing of the initial public offering.

Net proceeds raised by Dipexium in the offering are expected to be about $35 million.

Dipexium is a late stage biopharmaceutical company developing Locilex (pexiganan acetate cream 1%), a proposed treatment for mild infections of diabetic foot ulcers. Dipexium said it plans to use the proceeds from the IPO to further develop Locilex including conducting the pivotal Phase 3 clinical studies, commencing preliminary commercialization activities, expanding uses of Locilex, as well as for working capital and general corporate purposes.