Company offers 450 million common shares at $0.10 apiece to investors
By Devika Patel
Knoxville, Tenn., Oct. 9 - Fibrocell Science, Inc. negotiated a $45 million private placement of stock on Oct. 5, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Barclays and MTS Securities, LLC are the agents, and John Carris Investments, LLC is the co-agent. NRM VII Holdings I, LLC is among the investors.
The company will sell 450 million common shares at $0.10 apiece. The per-share price represents a 50% discount to the Oct. 4 closing share price of $0.20.
Settlement is expected Oct. 11.
Proceeds will provide Fibrocell with the resources to expand the commercial launch of LAVIV, its first FDA-approved product for the treatment of nasolabial folds, to expand manufacturing capacity and implement process improvements and to advance further development of LAVIV into other high unmet need indications such as the treatment of severe restrictive burn scars, vocal cord scarring and acne scars.
"This is a transformative and strategic financing for Fibrocell," chief executive officer David Pernock said in a press release. "With this capital we can unlock the power of our fibroblast platform to improve the lives of patients and to create value for stockholders. We now have a strong, simplified balance sheet, and we believe the investment will allow us to accomplish our key objectives: expand capacity to meet demand for LAVIV, improve our manufacturing efficiency and COGS and further our clinical programs for potential new indications."
Fibrocell is a biotechnology company based in Exton, Pa.
| Issuer: | Fibrocell Science, Inc.
|
| Issue: | Common stock
|
| Amount: | $45 million
|
| Shares: | 450 million
|
| Price: | $0.10
|
| Warrants: | No
|
| Agents: | Barclays and MTS Securities, LLC (lead), John Carris Investments, LLC (co-agent)
|
| Invetor: | NRM VII Holdings I, LLC
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 11
|
| Stock symbol: | OTCBB: FCSC
|
| Stock price: | $0.20 at close Oct. 4
|
| Market capitalization: | $22.32 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
