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BioMimetic publicly offers $42.5 million in stock

Thu, 07/15/2010 - 5:45am
The Associated Press

BioMimetic Therapeutics will offer $42.5 million in common stock to the public, the biotechnology company said Thursday.

The 5 million shares are being sold for $8.50 apiece, marking a 7 percent discount from Wednesday's closing price of $9.16.

Shares in BioMimetic Therapeutics Inc. slipped 17 cents to $8.99 before the markets opened.

Underwriters the option to buy up to 750,000 shares at the original offering price if there is strong demand. J.P. Morgan Securities Inc. is acting as the sole lead book-running manager of the offering.

BioMimetic expects net proceeds of about $40 million. The offering is expected to close Tuesday.

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