BioMimetic closes offering, raises $45M

BioMimetic Therapeutics Inc. said Tuesday it has closed its public offering of 5 million shares of its common stock, with underwriters exercising their right to purchase an additional 642,000 shares. In total, the Franklin-based company raised $45 million in net proceeds through the sale — $5 million more than it anticipated.
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.
BioMimetic's shares (Ticker: BMTI) closed at $8.60 on Tuesday, 10 cents above the offering price. Read the background on the offering here and here.
Jul 21, 2010 7:02 AM

BioMimetic's big shareholder buys 1M more

Novo A/S picks up a fifth of biotech firm's newly-offered shares
Jul 19, 2010 1:30 PM

BioMimetic prices stock offering

Biotech firm expects to raise $40 million
Jul 14, 2010 8:48 PM

Meharry president named to pharma company board

Meharry Medical College President Wayne J. Riley has been named to the board of directors of Massachusetts-based Vertex Pharmaceuticals, a biotechnology company working to discover and develop small molecule drugs for serious diseases.
“Throughout his career, Dr. Riley has been a leader in public health administration and patient care and will provide a unique perspective to our board as we seek to bring breakthrough medicines to people with serious diseases," said Matthew Emmens, Chairman, President and Chief Executive Officer of Vertex Pharmaceuticals. “In addition, Dr. Riley’s clinical and operational experience in the public health systems of major urban centers and at large academic medical institutions will be invaluable in our efforts to address the needs of people with hepatitis C and those involved with treatment of this disease.”
Riley is an independent director on the board, with his term expiring in 2011. His re-election will go before Vetex's shareholders in May of next year.
Jul 14, 2010 8:14 AM

BioMimetic shares open lower on offering news

Despite a broader market rebound Tuesday, shares of BioMimetic Therapeutics Inc. (Ticker: BMTI) opened about $1 lower — down about 9 percent — on heavy trading volume following news that the company will offer 5 million shares of its common stock to help pay for product development and commercialization efforts. The Dow Jones Industrial Average and the Nasdaq Composite each rose about 1 percent on a positive start to corporate earnings season.
Jul 13, 2010 9:26 AM

BioMimetic selling 5M shares

Public offering to fund product development, commercialization
Jul 12, 2010 4:16 PM

Cumberland Pharma employee sues over stock options

Worker claims company 'thwarted' his rights
Jul 8, 2010 1:50 PM

Another positive clinical trial for BioMimetic

BioMimetic Therapeutics Inc. today reported positive results from a 52-week clinical trial of its Augment Bone Graft product. In short, the study reinforces data from previous 24-week trial, showing BioMimetic's product is as effective as, and in some cases superior to the current standard of care for foot and ankle fusion surgery.
“The 52 week data from the Augment North American pivotal clinical trial demonstrate that patients treated with Augment have just as good an outcome after one year, and a favorable safety profile, compared to patients treated with autograft," said BioMimetic CEO Sam Lynch in a statement. "And, the patients treated with Augment have the added benefits of not having the additional pain and risk of a procedure to harvest the autograft from another bone in their body."
In addition, that bone harvesting costs between $1,100 and $2,400, according to BioMimetic. The company's stock (Ticker: BMTI) was rising on the news Wednesday morning.
Jul 7, 2010 10:01 AM

Wisner-Lynch named interim head of TTDC

Appointment follows Cromwell's resignation
Jul 7, 2010 9:58 AM

Analyst action: LP, BioMimetic

Two local stocks have had their price targets lowered today by analysts. Benoit Laprade at Scotia Capital has raised his rating on construction materials supplier Louisiana-Pacific to 'sector outperform' but has dinked his target down to $10.25 from $11. Shares of downtown-based LP (Ticker: LPX) are up more than 5 percent to about $7 today and have crept back into positive territory for the year. Shares of BioMimetic Therapeutics also are outpacing the broader market today despite a lowered target by Canaccord Genuity analyst William Plovanic. Plovanic reiterated his 'buy' recommendation, however, which has helped the stock (Ticker: BMTI) push 1.5 percent higher.

Jun 30, 2010 1:54 PM