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BioMimetic Therapeutics Announces Closing of Public Offering and Exercise of Over-Allotment Option

^{Published on 2010-07-20 14:11:26 - Market Wire}
 

FRANKLIN, Tenn.--([ BUSINESS WIRE ])--BioMimetic Therapeutics, Inc. (NASDAQ: BMTI), announced today the closing of its previously announced underwritten public offering. Prior to closing, the underwriters exercised their option to purchase an additional approximately 642,000 shares of common stock. As a result, BioMimetic sold a total of approximately 5.64 million shares of its common stock at a price to the public of $8.50 per share. After underwriting discounts and commissions and estimated offering expenses, BioMimetic received net proceeds of approximately $45 million. These shares were sold pursuant to BioMimetica™s existing shelf registration statement, the prospectus contained therein and the prospectus supplement as filed with the Securities Exchange Commission.

BioMimetic expects to use the net proceeds of the offering for development and commercialization of its product pipeline, including Augmenta" Bone Graft, Augmenta" Injectable Bone Graft and product candidates indicated for sports medicine applications, as well as for general corporate purposes.

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. Copies of the final prospectus supplement and accompanying prospectus may be obtained for free by visiting EDGAR on the SEC Website at [ www.sec.gov ]. Alternatively, copies of the prospectus and the related prospectus supplement can be obtained by contacting J.P. Morgan Securities Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.

About BioMimetic Therapeutics

BioMimetic Therapeutics is a biotechnology companyutilizing purified recombinant human platelet-derived growth factor (rhPDGF-BB) in combination with tissue specific matrices as its primary technology platform for promotion of tissue healing and regeneration. rhPDGF-BB is a synthetic form of one of the body's principal agents to stimulate and direct healing and regeneration. The mechanism of action of this platform technology suggests it may be effective in a broad array of musculoskeletal applications, including the repair of bone, ligament, tendon and cartilage. Through the commercialization of this technology, BioMimetic seeks to become the leading company in the field of orthopedic regenerative medicine. In 2005, BioMimetic received marketing approval from the FDA for its first product, GEM 21S®, as a grafting material for bone and periodontal regeneration. Additionally, BioMimetic Therapeutics has completed and ongoing clinical trials with its product candidates Augmenta" Bone Graft and Augmenta" Injectable Bone Graft in multiple orthopedic bone healing indications including the treatment of foot and ankle fusions and the stimulation of healing of fractures of the wrist. In November 2009, BioMimetic received approval from Health Canada to begin marketing Augment as an alternative to the use of autograft in foot and ankle fusion indications in Canada. In May 2010, the Companya™s Pre-Marketing Approval (PMA) application for the approval of Augment Bone Graft was filed with the FDA.

GEM 21S is a trademark of Luitpold Pharmaceuticals, Inc., who now owns this dental related product and markets it through its Osteohealth Company in the United States and Canada.

For further information contact Kearstin Patterson, corporate communications, at 615-236-4419.

Forward-looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current intent and expectations of the management of BioMimetic. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. There are many important factors that could cause actual results to differ materially from those indicated in the forward-looking statements. BioMimetica™s actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements because of risks associated with the marketing of BioMimetica™s product and product candidates, unproven preclinical and clinical development activities, regulatory oversight, and other risks detailed in BioMimetica™s filings with the Securities and Exchange Commission. Except as required by law, BioMimetic undertakes no responsibility for updating the information contained in this press release beyond the published date, whether as a result of new information, future events or otherwise, or for changes made to this document by wire services or Internet services.