Rockwell Medical, Inc. (DE) - RMTI STOCK NEWS

Rockwell Medical, Inc. (Nasdaq: RMTI) reported strong financial results for Q2 2022, with revenues of $18.7 million, a 16% increase from Q1 2022. Gross profit improved to $1.7 million, up from a loss in the previous quarter. The company raised $30 million in financing, reducing its debt from $20.6 million to $16.5 million. Cash used in operations decreased by 40% to $5.8 million. Notable operational highlights include the appointment of Dr. Mark Strobeck as CEO and expanded partnerships with DaVita and Jeil Pharmaceutical.

Rockwell Medical, Inc. (Nasdaq: RMTI) plans to release its financial results for Q2 2022 on August 15, 2022, with a press release at 6:00 AM ET followed by a conference call at 8:00 AM ET. The company specializes in providing products for patients with blood disorders and kidney diseases, being the second largest supplier of dialysis concentrates in the U.S. Rockwell is advancing its proprietary iron treatment technology, Ferric Pyrophosphate Citrate, aimed at improving treatment for iron deficiency anemia.

Rockwell Medical (Nasdaq: RMTI) announced the appointment of Mark Strobeck, Ph.D., as President and CEO, effective July 1, 2022. He will also join the Board of Directors. Dr. Russell Ellison is stepping down as President and CEO on June 30, 2022. Strobeck brings over 20 years of experience in life sciences and a successful track record in operational roles. He plans to drive the development of Rockwell's treatments for iron deficiency, particularly in home infusion and acute heart failure settings. An inducement award of stock options was also issued to Dr. Strobeck as part of his employment agreement.

Rockwell Medical (RMTI) has successfully closed a $7.5 million second tranche investment from DaVita (DVA), bringing the total capital raised this quarter to $30 million. This funding will extend Rockwell's cash runway to advance its Ferric Pyrophosphate Citrate (FPC) development programs and improve their dialysis business. They are preparing for a Phase 2 clinical trial of FPC in home infusion patients, pending FDA clearance, which will require a microbial challenge study to ensure patient safety.

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.