Source: Sichenzia Ross Friedman Ference LLP
Sichenzia Ross
Friedman Ference Represents Drugmax, Inc. in $51 Million PIPE
Transaction; Year to Date PIPEs Representation Exceeds $175 Million
New York, NY – October
5, 2005 - Sichenzia Ross Friedman Ference LLP (“SRFF”) announced today that
it represented DrugMax, Inc, (Nasdaq: DMAX) in connection with a $51.1
million placement of its common stock and warrants. This representation
included compliance with all Nasdaq stock market rules for issuance of
equity securities. From January 1 through October 1, 2005, SRFF has
represented public companies in at least 42 PIPE transactions with an
aggregate dollar amount of $175 million. The firm has been ranked first in
the nation since June 2004 for the number of public issuers they have
represented in such transactions.
Led by partner Thomas
A. Rose, SRFF consummated this transaction in an expeditious and efficient
manner, allowing DMAX to execute its business plan to regain compliance with
all Nasdaq listing requirements.
According to Ed
Mercadante, CEO of DMAX, closing this deal “significantly improve[d]
DrugMax’s financial strength” and gave them “the flexibility to take
advantage of opportunities to expand its specialty pharmacy and worksite
pharmacy business for the benefit of all [their] shareholders.”
The magnitude of this
deal illustrates SRFF’s continued dominance of the PIPEs market. The DMAX
closing marks SRFF’s 42nd significant placement advised for
issuers this year, doubling the number of transactions for the same time
period in 2004. In addition, the aggregate dollar amount the firm has
advised has tripled, increasing from $57 million to $175 million, while
average transaction size has grown from $2.7 million to $4.2 million in the
same period. As the leading PIPEs transaction placement firm in the nation,
SRFF continues to distinguish itself by actively pursuing and executing
deals for DMAX and other forward-thinking clients through its dynamic
corporate practice.
For
more information about PIPEs rankings, go to
www.pipesreport or
www.privateraise.com.
About Sichenzia Ross Friedman Ference
LLP
Sichenzia Ross Friedman
Ference LLP provides experienced professional representation in all matters
involving the securities industry as well as general corporate and
litigation matters. Our clients range from start-ups to established, listed
companies. They include private and public corporations, partnerships,
broker-dealers, bank-affiliated broker-dealers, investment advisors,
registered personnel, public and corporate customers and investors,
partnerships and other entities. We also advise institutional investors on
transactions involving complex securities law considerations. Our areas of
expertise include corporate and commercial transactions, securities
litigation, and arbitration, administrative practice before regulatory
agencies, mergers and acquisitions and broker-dealer regulation. For
additional information about Sichenzia Ross Friedman Ference’s nationally
ranked PIPEs practice, go to
www.srff.com.
Contact: Lindsay Nash
(212) 981-6770
