October 6, 2009 (FinancialWire) — Rockwell Medical Technologies, Inc. (NASDAQ: RMTI), a fully-integrated biopharmaceutical company offering innovative products and services targeting end-stage renal disease, chronic kidney disease, and iron deficiency anemia, has received gross proceeds of approximately $22.0 million, before deducting placement agents’ fees and offering expenses, from the closing of the previously announced registered direct offering.

In the offering, an aggregate of 2,840,000 shares of the company’s common stock and warrants to purchase up to 1,079,200 shares of common stock were sold to institutional investors, led by Deerfield Management as the lead investor.

The purchase price per unit, consisting of one share and a warrant to purchase 0.38 shares, was $7.75. The warrants will have a five-year term from the date of issuance, will be exercisable beginning six months after the date of issuance, and will be exercisable at a price of $9.55 per share. The shares of common stock and warrants were immediately separable and were issued separately.

Rockwell anticipates that the net proceeds from the offering of approximately $20.5 million will be used for general corporate purposes, which may include funding of clinical trials and regulatory activities for soluble ferric pyrophosphate, the company’s licensed drug therapy to treat iron deficiency anemia in dialysis patients, and other research and development expenses, and general and administrative expenses.

Robert L. Chioini, chairman, CEO and president of Rockwell, stated, “We are pleased with the mix of new institutional investors and appreciate their strong vote of confidence in the future of Rockwell as they chose to invest in us at this time. We expect this funding to be sufficient to finance the remainder of our FDA clinical development for SFP, our lead drug for treatment of iron deficiency anemia.”

JMP Securities LLC served as lead placement agent and Wedbush Securities Inc. served as co-placement agents for the offering. Copies of the prospectus supplement and accompanying base prospectus relating to the public offering may be obtained from the Securities and Exchange Commission website at http://www.sec.gov or from Rockwell Medical Technologies, Inc., located at 30142 Wixom Road, Wixom, Michigan 48393 (telephone number: 960-9009), Attn: Thomas E. Klema, secretary.

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