BioMimetic Therapeutics closes underwritten public offering

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 BioMimetic'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 Augment™ Bone Graft, Augment™ Injectable Bone Graft and product candidates indicated for sports medicine applications, as well as for general corporate purposes.