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.
“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.
“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.
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.
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