Rockwell Med Inc Stock Price, News & Analysis

Rockwell Medical has successfully completed a $15 million financing deal, comprising $12 million from a Registered Direct Offering and $3 million through a private investment in public equity (PIPE) with Armistice Master Fund Ltd. This funding will support the advancement of their Ferric Pyrophosphate Citrate (FPC) development programs and enhance their dialysis business. The receipt of funds is expected to unlock an additional $7.5 million investment from DaVita, Inc. Rockwell Medical aims to position FPC as a leading treatment for iron deficiency anemia, targeting the growing home infusion market.

Rockwell Medical (RMTI) announced it has regained compliance with NASDAQ Listing Rule 5550(a)(2) regarding the minimum bid price requirement. This follows their previous notification on June 11, 2021, for failing to maintain a closing bid price of $1.00 or more for 30 consecutive days. Rockwell Medical met the compliance requirement on May 27, 2022, achieving an 11-day closing bid price above $1.00. The company is now compliant with all NASDAQ listing standards, ensuring its continued listing on the NASDAQ Capital Market.

Rockwell Medical announced a $15 million securities purchase agreement with Armistice Capital Master Fund. The deal involves $12 million of common stock and $3 million in a private placement. Each share is priced at $1.515, with warrants priced at $1.39, valid for 5.5 years. Proceeds are intended for restructuring its dialysis business and advancing ferric pyrophosphate citrate for treating iron deficiency anemia. Following the agreement, a $7.5 million investment from DaVita, Inc. is expected.

Rockwell Medical, Inc. (Nasdaq: RMTI) announced that CEO Russell Ellison will present at H.C. Wainwright's Annual Global Life Sciences Conference in Miami, Florida, on May 24 at 3:30 PM ET. The company specializes in biopharmaceuticals focused on iron deficiency and anemia management, with FDA-approved therapies for hemodialysis patients. A video of the presentation will be available the following day on their website and archived for 90 days. Rockwell Medical also develops its Ferric Pyrophosphate Citrate platform for broader iron deficiency treatments.

Rockwell Medical reported first quarter 2022 net sales of $16.1 million, a 4.2% increase year-over-year, primarily driven by dialysis concentrate sales. The company submitted supplemental data to the FDA for its Phase 2 trial of Ferric Pyrophosphate Citrate (FPC) in home infusion therapy. An amended supply agreement with DaVita includes a $7.5 million investment to enhance profitability. Notably, enrollment for the pivotal Phase 3 trial of Triferic® in China was completed ahead of schedule. However, the company experienced a gross loss of $0.8 million due to inflationary pressures.

Rockwell Medical, Inc. (Nasdaq: RMTI) has submitted supplemental data to the FDA for its Investigational New Drug (IND) application regarding Ferric Pyrophosphate Citrate (FPC). This data supports a proposed Phase 2 clinical trial aimed at treating iron deficiency anemia in patients receiving home infusion therapy. The FDA has a 30-day review period for this submission. If approved, the trial may commence shortly after the review concludes. The intended innovation aims to enhance patient care by reducing the need for clinic visits.

Rockwell Medical, Inc. (RMTI) announced a 1-for-11 reverse stock split effective May 13, 2022, to comply with Nasdaq minimum bid price requirements. This decision follows approval from stockholders during the 2022 Annual Meeting on May 9, 2022. The split means that every 11 shares will convert into one new share, affecting stock options and equity awards proportionately. No fractional shares will be issued; instead, cash will be paid for any fractional share entitlement. The new CUSIP number for the shares post-split will be 774374300.

Rockwell Medical, Inc. (Nasdaq: RMTI), based in Wixom, Michigan, will host a conference call on May 16, 2022, at 4:15 PM ET to discuss its financial results for the first quarter ended March 31, 2022, along with recent operational highlights. Interested participants can join by dialing (877) 383-7438 for local calls or (678) 894-3975 for international access, using conference ID 2599375. A live webcast will be available on the company’s investor website, with an archived version accessible for 30 days following the event.

Rockwell Medical announced the completion of patient enrollment ahead of schedule in its pivotal Phase 3 clinical trial for Triferic Dialysate in China, with 442 participants enrolled. This milestone supports their New Drug Application to the National Medical Products Administration (NMPA), expected in Q3 2023. Triferic is aimed at treating iron deficiency in hemodialysis patients. With over 600,000 patients receiving hemodialysis in China, the company sees significant market potential. The trial is designed to confirm Triferic's efficacy and safety in maintaining hemoglobin levels.