BioMimetic starts public offering of 5 million common shares, will use funds for developmentBy AP
Monday, July 12, 2010
BioMimetic to sell 5 million shares
FRANKLIN, Tenn. — BioMimetic Therapeutics Inc. on Monday announced a public offering of 5 million common shares.
BioMimetic, which makes devices for musculoskeletal injuries, said it is giving underwriters the option to buy up to 15 percent more shares — or 750,000 shares — to cover excess demand. BioMimetic expects to use the proceeds for development and marketing of its product pipeline and for general corporate purposes.
J.P. Morgan Securities Inc. is the lead book-running manager for the offering, and Canaccord Genuity and Wedbush PacGrow Life Sciences will be the co-managers.
The company currently has about 22.1 million shares outstanding.
The biotechnology company’s shares closed earlier down 45 cents, or 4 percent, at $10.98.