Vericel Corporation Announces Exercise of Underwriters’ Over-Allotment Option and Closing of $20 Million Offering of Common...
December 21 2016 - 4:05PM
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 has closed
its previously announced underwritten public offering of 7,130,000
shares of its common stock at a price to the public
of $2.75 per share for gross proceeds of approximately
$20 million. The shares include 930,000 shares of common stock sold
pursuant to the over-allotment option granted by the Company to the
underwriters, which option was exercised in full. Vericel
anticipates using the proceeds from the offering to support the
commercialization of MACI, expend promotional efforts for Epicel,
expand and optimize manufacturing and for other general corporate
purposes.
Piper Jaffray & Co. acted as the sole manager
for the offering.
The offering was 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 was made
only by means of a written prospectus and prospectus supplement
that form a part of the registration statement. A final prospectus
supplement relating to and describing the terms of the offering has
been filed with the SEC and is available on the SEC’s website
located at http://www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to the offering
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.
CONTACT:
Chad Rubin
The Trout Group crubin@troutgroup.com
(646) 378-2947
or
Lee Stern
The Trout Group lstern@troutgroup.com
(646) 378-2922
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