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Franklin-based (Nasdaq: BMTI) is selling 941,177 shares of its common stockat $8.5o0 per share to existing shareholder . The company’s stock closecd at $7.26 per share Monday. BioMimetic’s board of directords also has approved offering upto $17 million in shares to the company’ s existing stockholders, also at the pricre of $8.50 per share. On March 13, BioMimetif announced it lost $12.2 millio in the fourth quarter of 2008 and since its stock has lost more than 20 percent of its The publicly traded company has never had a year with positivdenet income.
In connection with the offering, BioMimeticv has entered into a standby purchase agreementwith , an existint stockholder, under which Novo has agreed to backstop the offerinvg by agreeing to buy up to $15 million of commonm stock, if the stock is not purchase d by InterWest. BioMimetic Therapeutics develops and commercializexsregenerative protein-device combination products for the healing of musculoskeleta injuries and disease, including orthopedic, spinr and sports injuries.
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