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Lifecore Biomedical, Inc. (NASDAQ:LFCR), a fully integrated contract development and manufacturing organization, today announced the closing of a $24.3 million private placement of 5,928,775 shares of its common stock at a price of $4.10 per share. The investing group includes new and existing shareholders, and the company expects to use the proceeds for working capital, operations, and general corporate purposes.
“We are very pleased to have the confidence of these new and long-term stockholders, which we believe reflects their support for our new management team, our plan for value creation, and the tremendous opportunity we have in this growing market,” commented CEO Paul Josephs.
Lifecore Biomedical, according to this morning’s news release, “is a fully integrated contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of sterile injectable pharmaceutical products in syringes, vials, and cartridges, including complex formulations. As a leading manufacturer of premium, injectable-grade hyaluronic acid, Lifecore brings more than 40 years of expertise as a partner for global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories.”
LFCR shares advanced 28 cents, or 5.8%, to $4.98.
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