Advanced Tissue Sciences Inc. has raised $29 million in a secondaryoffering of 2 million shares of common stock at $14.50 per share,the company said Friday. The stock (NASDAQ:ATISA) closed at$14.88, down $1.88, on Friday.
The company will use the proceeds to accelerate development of itsskin-related products and for R&D of therapeutics incorporatingother human tissue types.
The La Jolla, Calif., company is focusing its resources on clinicaltrials of Dermagraft, a living dermal replacement for use in burnsand chronic venous ulcers, said spokeswoman Alana Wheeler. ATSalso plans to begin this year trials of Dermagraft in decubitus ulcersand/or diabetic ulcers.
After the offering, ATS has 21.7 million shares outstanding.Underwriters Smith Barney, Harris Upham & Co. Inc. andMontgomery Securities have a 300,000-share overallotment option.
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