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BioMimetic raises $45 million in stock offering

Wed, 07/21/2010 - 5:45am
The Associated Press

BioMimetic Therapeutics Inc. said it generated about $45 million in proceeds after expenses from the sale of about 5.6 million shares in a public offering.

The Franklin, Tenn., biotechnology company, which makes devices for musculoskeletal injuries, said Tuesday that underwriters exercised their option to buy about 642,000 additional shares. The company sold the stock at $8.50 per share.

BioMimetic will use proceeds from the offering for general corporate purposes and to develop and support its product pipeline. That includes the Augment Bone Graft, a synthetic material for bone fusing with the goal of stimulating a permanent connection between broken bones, and sports medicine products.

J.P. Morgan Securities Inc. acted as sole book-running manager of the offering, with Canaccord Genuity and Wedbush PacGrow Life Sciences serving as co-managers.

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