Garden City, NY, Jan. 21, 2021 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified medical science and technology company, today announced the closing of its previously announced public offering of 3,000,000 shares of its common stock at a public offering price of $12.50 per share, for gross proceeds of $37,500,000, before deducting underwriting discounts and commissions and offering expenses. In addition, ProPhase Labs, Inc. has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any, at the public offering price, less underwriting discounts and commissions.
The Company intends to use the proceeds from the offering for working capital and other general corporate purposes.
ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering. Dawson James Securities, Inc. acted as co-manager for the offering.
Reed Smith LLP, New York, New York, represented the Company in connection with the offering, and Schiff Hardin LLP, Washington, DC, represented the underwriters.
About ProPhase Labs, Inc.
ProPhase Labs (NASDAQ: PRPH) is a diversified medical science and technology company with deep experience with OTC consumer healthcare products and dietary supplements. The Company is engaged in the research, development, manufacture, distribution, marketing and sale of OTC consumer healthcare products and dietary supplements in the United States. This includes the development and marketing of dietary supplements under the TK Supplements® brand. The Company is also developing ProPhase Diagnostics, Inc. (“ProPhase Diagnostics”) to offer COVID-19 and other Respiratory Pathogen Panel (RPP) Molecular tests. The Company also continues to actively pursue strategic investments and acquisition opportunities for other companies, technologies and products. For more information visit us at www.ProPhaseLabs.com.