| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies |
| Rockwell Medical Technologies, Inc. |
| 28025 Oakland Oaks Drive, Wixom, MI 48393 * (248) 449-3353 |
| The company manufactures hemodialysis concentrates and dialysis kits, and sells, distributes and delivers such concentrates and dialysis kits, as well as other hemodialysis products, to hemodialysis providers in the United States and Venezuela. |
| Manager | Tier | Phone |
| Mason Hill & Company | Lead Manager |
| NASSCM: | RMTI | Manufacturing: | SIC 3845 | |
| Type of Shares: | Common Shares | Filing Date: | 7/24/97 | |
| U.S. Shares: | 1,800,000 | Offer Date: | 1/26/98 | |
| Non-U.S. Shares: | 0 | Filing Price: | $4.20 | |
| Primary Shares: | 1,800,000 | Offer Price: | $4.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.36 | |
| Offering Amount: | $7,560,000 | Selling: | $0.00 | |
| Expenses: | $700,000 | Reallowance: | $0.00 | |
| Post-IPO Shares: | 4,609,286 | |||
| Employees: | 46 |
| Issuer's Law Firm: | Honigman, Miller, Schwartz & Cohn |
| Bank's Law Firm: | Gersten, Savage, Kaplowitz & Curtin |
| Registrar/Transfer Agent: | American Stock Transfer & Trust Co |
| Auditor: | Coopers & Lybrand |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/96 | 5/31/97 | 5/31/97 | |||
| Revenue: | $1.02 | $0.80 | Assets: | $3.47 | |
| Net Income: | -$1.38 | -$0.77 | Curr Assets: | $0.76 | |
| EPS: | -$0.30 | Liabilities: | $2.13 | ||
| Prior EPS: | Curr Liab: | $0.72 | |||
| Cash Flow/Oper: | -$1.05 | Equity: | $1.33 | ||
| Cash Flow/Fin: | $1.59 | Cash: | $0.03 | ||
| Cash Flow/Inv: | -$0.54 | Working Cap: | $0.04 | ||
| Competition |
| Other than the Company, there are currently three other major suppliers of concentrates and/or ancillary products used by hemodialysis clinics. The other major suppliers of hemodialysis products are Gambro Healthcare ("Gambro"), which supplies concentrates and blood tubing and also owns clinics which treat approximately 22,000 hemodialysis patients (assuming completion of the recently announced acquisition of Vivra Renal Care, Inc. by Gambro), Fresenius Medical Care, Inc. ("Fresenius"), which supplies concentrates, blood tubing, ancillary products and also owns clinics which treat approximately 44,000 hemodialysis patients, and Renal Systems (a division of Minntech Corporation), which supplies concentrates and renalin, a specialty product used to sterilize dialyzer machines, but does not carry a wide line of hemodialysis products.Two of the Company's major competitors, Gambro and Fresenius, own and operate a substantial number of hemodialysis clinics which compete for patients in the same markets as the providers and hospitals to which they sell hemodialysis products. Although the Company believes that its business strategies provide it with competitive advantages over each of its three major competitors, each of such competitors is a more established company with substantially greater financial, technical, manufacturing, marketing, research and development and management resources than those of the Company and well established reputations, customer relationships and marketing and distribution networks. The Company believes that many of the Company's products are commodities, including its concentrates, and therefore, believes that price, customer service and convenience are the principal competitive factors in the hemodialysis products industry. There can be no assurance that the Company will be able to compete successfully in the future. |
| Business Plan |
| The company's objective is to increase its market share in the expanding hemodialysis market and improve profitability by implementing the following strategies: (I) Acting as a Single Source Supplier, (ii) Increase Revene through Sales of New Prodcts and Increased "Back-haul" Revenue and (iii) Offering a Higher Level of Customer Service. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to redeem shares of Series A Preferred Stock, to purchase equipment, to pay accounts payable and accrued expenses, and for working capital, including the financing of marketing and sales activities. |
| Name of Shareholder | % Owned Before | % Owned After |
| Michael J. Xirinachs | 0.25 | 0.16 |
| Gary D. Lewis | 0.25 | 0.16 |
| Robert L. Chioni | 0.17 | 0.11 |
| Officer Name | Title | Age |
| Gary D. Lewis | Chairman of the Board | 46 |
| Ruth E. Homsher, Ph.D. | Manager, Quality Control Laboratory | 51 |
| Robert L. Chioini | President, Chief Executive Officer and Director | 32 |
| James J. Connor | Vice President of Finance, Chief Financial Officer, Treasurer and Secretary | 45 |
| Donald A. Danald | Vice President of Regulatory Affairs | 53 |
| Additional Underwriter Compensation |
| Warrant to purchase 150,000 shares/units at $10.00 per share/unit. |
| Exercise price of $5.04 for 3 year(s), 1 year(s) from 1/26/98. |
| $99,984.00 consulting agreement for 2 year(s). |
| # of Units: | 1,500,000 | |||
| Unit Ticker: | - | Unit Price: | $4.20 | |
| Warrant Ticker: | ZZZZZZ | Warrant Price: | ||
| Warrant Exercise Date: | Warrant Exercise Price: | $4.50 | ||
| Warrant Expiration Date: | ||||
| Warrant Detachable: | Yes | Warrant Detach Date: | ||
| Warrant Callable: | Yes | Warrant Call Date: |
| Unit Composition: 1 Common Share + 2 Warrants |
| Warrant Entitlement: 1 Common Share |
| Warrants are callable at $0.10 if the common stock trades at $8.50 for 20 of 20 consecutive trading days. |