Advanced Tissue Sciences Inc. said Tuesday it has filed for a 2 million-share offering of common stock.
The La Jolla, Calif., company (NASDAQ:ATISA), which recently changed its name from Marrow-Tech Inc., said the proceeds would be used to accelerate development of its skin-related products. The company is developing products for therapeutic and laboratory applications that involve growth of human tissue outside of the body.
In November, the Food and Drug Administration approved expansion of ATS' clinical trials of Dermagraft, a living dermal replacement for use in burn treatment, to 24 burn centers.
Dermagraft also is in trials of chronic venous skin ulcers and ATS hopes to begin in January a trial in patients with decubitus ulcers.
The company will have 22 million shares outstanding after the offering is completed. Underwriters Smith Barney, Harris Upham & Co. and Montgomery Securities have a 300,000-share overallotment option.
The stock closed Tuesday at $14.13, up 38 cents.
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