UPDATE: Skyline Medical (SKLN) Closes Offering of Common Stock and Warrants for Proceeds of $1.98M

November 30, 2016 8:32 AM EST

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(Updated - November 30, 2016 8:32 AM EST)

Skyline Medical Inc. (NASDAQ: SKLN) announces the closing of a registered direct offering for gross proceeds of $1,983,337. The offering consists of 756,999 shares of common stock priced at $2.62 per share and five-year warrants for 756,999 shares of common stock that become exercisable in six months, with a strike price of $4.46 per share. The net proceeds from the sale of the securities, after deducting placement agent fees and related offering expenses, are $1,739,770. The net proceeds of this offering are expected to be used for general corporate purposes.

Dawson James Securities, Inc. acted as the placement agent for the offering.

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