NEW YORK & PITTSBURGH & BERLIN--(BUSINESS WIRE)--RenovaCare, Inc., (OTCQB: RCAR), developer of the SkinGun™ and CellMist™ System for isolating and spraying a patient’s own stem cells onto burns and wounds for rapid self-healing, today announced the closing of its previously announced registered direct offering of 915,000 shares of its common stock at a an offering price of $2.50 per share and its concurrent private placement of common stock purchase warrants (the “Warrants”) to purchase 915,000 shares of common stock. The Warrants have a per share exercise price of $2.75, are exercisable immediately and will expire five (5) years from the date of issuance.
The Company received gross proceeds from the offering of approximately $2.3 million, before deducting estimated offering expenses. The Company intends to use the net proceeds from these offerings for working capital and other general corporate purposes.
The Shares were offered by the Company pursuant to a registration statement (File No. 333-217499) filed with the Securities and Exchange Commission (the “SEC”) that was declared effective on May 27, 2017, as supplemented by the prospectus supplement dated October 18, 2017 and filed with the SEC on October 18, 2017. The registration statement and prospectus are available on the SEC’s website located at http://www.sec.gov/. Copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained, when available, from the Company by telephone at (800) 398-0202 or by email at: info@renovacareinc.com.
About RenovaCare
RenovaCare, Inc. is developing first-of-its-kind autologous (self-donated) stem cell therapies for the regeneration of human organs. Its initial product under development targets the body’s largest organ, the skin. The company’s flagship technology, the CellMist™ System, uses its patented SkinGun™ to spray a liquid suspension of a patient’s stem cells – the CellMist™ Solution – onto wounds. RenovaCare is developing its CellMist™ System as a promising new alternative for patients suffering from burns, chronic and acute wounds, and scars. In the US alone, this $45 billion market is greater than the spending on high-blood pressure management, cholesterol treatments, and back pain therapeutics.
