ULURU Closes $2M Private Placement
ULURU Inc. (NYSE AMEX: ULU), a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products, announced the completion of a definitive agreement to sell 5,000,000 shares of its common stock at a price per share of $0.40 pursuant to a previously announced private placement offering to a strategic investor, resulting in gross proceeds of $2,000,000. ULURU Inc. plans to use the proceeds from the offering for research and development and general corporate purposes.
The investor will also receive a warrant to purchase up to 3,000,000 shares of ULURU Inc.'s common stock. The warrants have an exercise price of $0.60 per share and are exercisable at any time on or after 180 days from the closing date and for a period of one year from the date of closing.
Under the terms of the definitive agreement, the purchase and sale of the shares and warrants will take place at four closings over the next twelve months, with $400,000 being funded upon signing of the definitive agreement.
The shares of common stock to be issued and any shares issued resulting from the exercise of warrants have not been registered under the Securities Act of 1933 and may not be sold absent registration or an applicable exemption from the registration requirements.
About ULURU Inc.:
ULURU Inc. is a specialty pharmaceutical company focused on the development of a portfolio of wound management and oral care products to provide patients and consumers improved clinical outcomes through controlled delivery utilizing its innovative Nanoflex™ Aggregate technology and OraDisc™ transmucosal delivery system. For further information about ULURU Inc., please visit our website at www.ULURUinc.com. For further information about Altrazeal®, please visit www.Altrazeal.com.