MINNEAPOLIS, Jan. 05, 2018 (GLOBE NEWSWIRE) — Skyline Medical Inc. (Nasdaq:SKLN) (“Skyline” or “the Company”), producer of the FDA-approved STREAMWAY® System for automated, direct-to-drain medical fluid disposal, today announced the pricing of a firm commitment underwritten public offering of 2,900,000 Units at an offering price of $0.95 per Unit, with each Unit consisting of one share of the Company’s Common Stock and 0.3 of a Series E Warrant, with each whole Series E Warrant purchasing one share of our common stock at an exercise price of $1.00 per whole share. To the extent that the purchase of Units would cause the beneficial ownership of a purchaser in the offering, together with its affiliates and certain related parties, to exceed 4.99% of the Company’s outstanding Common Stock, a number of shares of the Company’s Series D Preferred Stock (Preferred Stock), which is initially convertible on a 1-for-1 basis into Common Stock, will be issued in lieu of shares of Common Stock. The shares of Common Stock, Preferred Stock, and Series E Warrants are immediately separable and will be issued separately. 

Dawson James Securities, Inc. is acting as the sole underwriter for the offering.

Gross proceeds to the Company from the offering will be approximately $2,755,000 before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The Company has granted the underwriter a 45-day option to purchase an additional (i) up to 290,000 additional shares of Common Stock at the public offering price per Unit less the price per Series E Warrant included in the Units and less the underwriting discount and/or (ii) additional Series E Warrants to purchase up to 87,000 additional shares of Common Stock at a purchase price of $0.001 per Series E Warrant to cover over-allotments, if any. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The offering is expected to close on January 9, 2018, subject to customary closing conditions.