Sonoma Pharmaceuticals, Inc. (NASDAQ:SNOA), a pharmaceutical company specializing in the development and distribution of healthcare solutions, has amended its existing Equity Distribution Agreement with Maxim (NASDAQ:MXIM) Group LLC, according to an 8-K filing with the Securities and Exchange Commission (SEC).
The amendment, referred to as Amendment No. 1, allows the company to continue offering and selling shares of its common stock through Maxim, either as a sales agent or principal.
The original agreement, which was entered into on December 15, 2023, was modified on March 8, 2024, to facilitate the sales of shares under the company's current registration statement on Form S-3 (File No. 333-275311). This registration statement was declared effective by the SEC on November 20, 2023. The sales will be conducted in accordance with a prospectus supplement filed with the SEC on Thursday.
The Boulder, Colorado-based company, previously known as Oculus Innovative Sciences, Inc., operates under the industrial classification of pharmaceutical preparations. The details of the amended agreement and the opinion of Polsinelli PC regarding the validity of the shares to be issued are attached to the Form 8-K as exhibits.
This report does not constitute an offer to sell or a solicitation of an offer to buy any shares under the amended agreement, nor will any sale of such shares occur in any state where such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of that state.
The announcement made today is based on a press release statement and provides a factual account of Sonoma Pharmaceuticals' updated sales agreement, which could potentially influence the company's stock performance on the market.
In other recent news, Sonoma Pharmaceuticals has been making significant strides in business expansion and product innovation. The company recently signed a distribution agreement with a major global healthcare distributor to market and distribute its wound care products across the United States. This partnership is expected to enhance the reach of Sonoma's Microcyn technology in various healthcare settings nationwide.
Moreover, Sonoma Pharmaceuticals has entered into a significant distribution agreement with Medline Industries. The initial term of the contract spans five years with potential for automatic renewals. This strategic move is expected to leverage Medline's extensive distribution network to enhance the reach of Sonoma's wound care solutions.
Sonoma Pharmaceuticals has also expanded its common stock offering through an amendment to its equity distribution agreement with Maxim Group LLC. This amendment allows for the continued sale of its common stock under a previously declared effective registration statement.
In terms of product expansion, Sonoma introduced its MicrocynAH® animal health line to Menards® home improvement stores nationwide and expanded its Microcyn® Negative-Pressure Wound Therapy (NPWT) Solution in the U.S. market.
Furthermore, a recent study highlighted the potential of Sonoma's product, Microdox®, in treating urinary tract infections in children with bladder dysfunction. These developments highlight Sonoma Pharmaceuticals' commitment to innovation, product range expansion, and exploration of new therapeutic applications.
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