February 24, 2010 (FinancialWire) — Derma Sciences, Inc. (NASDAQ: DSCI) said the underwriter of its recent public offering has exercised its over-allotment option, resulting in the issuance of an additional 145,800 shares and warrants to purchase 48,600 shares.

Derma Sciences has closed a follow-on equity offering for a total of 1,117,800 common shares and warrants to purchase 372,600 shares.

Each share, together with a warrant to purchase one-third of a share, was priced at $5. The exercise price of the warrants in the offering is $5.50.

The company realized net proceeds of $4.7 million from this offering.

Derma Sciences plans to use the proceeds of the offering towards paying Comvita New Zealand for the perpetual worldwide licensing rights to Medihoney, Derma Sciences’ wound care product

The company said it will also use the proceeds to retire term debt, pay off the outstanding debt balance of a recent wound care business acquisition, and to support our growth initiatives.

New Jersey-based Derma Sciences is a manufacturer and marketer of wound care products. Its key product, Medihoney, is sold throughout the world by Derma Sciences and Comvita New Zealand — the licensor of the patented honey-based technology — and is a brand of honey-based dressings for the management of wounds and burns.

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