Vericel Corporation Announces Proposed Public Offering of Common Stock
December 15 2016 - 6:12PM
Vericel Corporation (NASDAQ:VCEL), a leading developer of expanded
autologous cell therapies for the treatment of patients with
serious diseases and conditions, today announced that it intends to
offer and sell shares of its common stock in an underwritten public
offering. Vericel also intends to grant the underwriters a 30-day
option to purchase up to an additional 15% of the shares of common
stock sold in the public offering on the same terms and conditions.
The offering is subject to market conditions, and there can be no
assurance as to whether or when the offering may be completed, or
as to the actual size or terms of the offering. All of the shares
in the offering are to be sold by Vericel, with net proceeds to be
used primarily to support the commercialization of MACI, expand
promotional efforts for Epicel, expand and optimize manufacturing
and for other general corporate purposes.
Piper Jaffray & Co. is acting as the sole
bookrunner for the offering.
The offering is being made pursuant to a shelf registration
statement on Form S-3 that was filed with the Securities Exchange
Commission (SEC) on June 29, 2015 and declared effective by the SEC
on July 15, 2015. The offering is being made only by means of
a written prospectus and prospectus supplement that form a part of
the registration statement. A preliminary prospectus supplement
will be filed with the SEC for the offering and will be
available on the SEC’s website located at http://www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the offering, when available,
may be obtained by contacting Piper Jaffray & Co., Attention:
Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN
55402, by telephone: (800) 747-3924 or by email:
prospectus@pjc.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of 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 Vericel CorporationVericel develops,
manufactures, and markets expanded autologous cell therapies for
the treatment of patients with serious diseases and
conditions. The company currently markets two cell therapy
products in the United States. Carticel® (autologous cultured
chondrocytes) is an autologous chondrocyte implant for the
treatment of cartilage defects in the knee in patients who have had
an inadequate response to a prior arthroscopic or other surgical
repair procedure. Epicel® (cultured epidermal autografts) is
a permanent skin replacement for the treatment of patients with
deep dermal or full thickness burns greater than or equal to 30% of
total body surface area. Vericel also plans to
market MACI® (autologous cultured chondrocytes on porcine
collagen membrane), an autologous cellularized scaffold product
indicated for the repair of symptomatic, single or multiple
full-thickness cartilage defects of the knee with or without bone
involvement in adults, which was recently approved by the
FDA. Vericel is also developing ixmyelocel‑T, an autologous
multicellular therapy intended to treat advanced heart failure due
to ischemic dilated cardiomyopathy.
Cautionary Statement on Forward-Looking
Statements
This press release contains "forward-looking statements," within
the meaning of the Private Securities Litigation Reform Act of
1995, regarding, among other things, the proposed public offering
of Vericel’s common stock. Such forward-looking statements are
based on current expectations and involve inherent risks and
uncertainties, including factors that could delay, divert or change
any of them, and could cause actual results to differ materially
from those projected in its forward-looking statements. Meaningful
factors which could cause actual results to differ, including,
whether or not Vericel will be able to raise capital, the final
terms of the proposed offering, market and other conditions, the
satisfaction of customary closing conditions related to the
proposed public offering, as well as other factors discussed in the
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of
Vericel's Annual Report on Form 10-K for the year ended December
31, 2015 and Vericel’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2016, which are on file with the SEC
and available on the SEC's website at www.sec.gov. In addition to
the risks described above and in Vericel's Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K
and other filings with the SEC, other unknown or unpredictable
factors also could affect Vericel’s results. There can be no
assurance that the actual results or developments anticipated by
Vericel will be realized or, even if substantially realized, that
they will have the expected consequences to, or effects on Vericel.
Therefore, no assurance can be given that the outcomes stated in
such forward-looking statements and estimates will be achieved.
CONTACT:
Chad Rubin
The Trout Group crubin@troutgroup.com
(646) 378-2947
or
Lee Stern
The Trout Group lstern@troutgroup.com
(646) 378-2922
Vericel (NASDAQ:VCEL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vericel (NASDAQ:VCEL)
Historical Stock Chart
From Apr 2023 to Apr 2024