Advanced Tissue Sciences Inc. announced Thursday that it hascompleted a follow-on offering of 2.5 million shares of commonstock at $8 per share.
When the La Jolla, Calif., company filed for the offering lastmonth, its shares were selling at $9 each (see BioWorld, Dec.20).
The underwriters -- Montgomery Securities, Dillon Read & Co.Inc. and Smith Barney Shearson Inc. -- have an option topurchase up to 375,000 additional shares to coveroverallotments.
ATS will use the majority of the proceeds to fund clinical trialsand development of its DermaGraft skin-replacement products.As of last Sept. 30 the company had 27.1 million sharesoutstanding.
ATS's stock closed at $8.25 per share on Thursday, down 13cents.
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