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Cytori Therapeutics to offer $18 million in stock

Fri, 10/08/2010 - 5:45am
The Associated Press

Cytori Therapeutics Inc. said Friday it is publicly offering $18 million worth of common stock at discount, sending shares lower in premarket trading.

The company is offering 4 million shares at $4.50 apiece, marking a 15.7 percent discount to its closing price of $5.34 on Thursday.

Shares fell 13 percent to $4.63 in premarket trading on Friday.

Cytori which makes products used in adult stem cell harvesting and research.

The company expects to use net proceeds of about $16.8 million for general corporate purposes.

Jefferies & Co. is acting as sole book-running manager for the offering, which is expected to close on or about Oct. 13. Cytori granted the underwriters the option to buy up to 600,000 additional shares to cover excess demand, if any.

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