Vericel Corporation Prices $65 Million Public Offering of Common Stock
01 June 2018 - 10:14AM
Vericel Corporation (NASDAQ:VCEL), a leader in advanced cell
therapies for the sports medicine and severe burn care markets,
today announced the pricing of its previously announced
underwritten public offering of 5,000,000 shares of its common
stock, at a price to the public of $13.00 per share. The
gross proceeds to Vericel from this offering are expected to be $65
million, before deducting the underwriting discounts and
commissions and other estimated offering expenses payable by
Vericel. Vericel has granted the underwriters a 30-day option
to purchase up to an additional 750,000 shares of common stock on
the same terms and conditions. The offering is expected to
close on or about June 5, 2018, subject to customary closing
conditions. Vericel anticipates using the proceeds from the
offering for general corporate purposes as well as to expand
Vericel’s business by in-licensing or acquiring, as the case may
be, product candidates, technologies, other assets, commercial
products or businesses which would be complementary to Vericel’s
existing commercial franchises or its advanced cell therapy
platform; however, Vericel has no current commitments or
obligations to do so.
Leerink Partners is acting as the lead bookrunner for the
offering. BTIG, LLC is also acting as a bookrunner.
Ladenburg Thalmann is acting as co-manager.
The offering is being made pursuant to a shelf registration
statement on Form S-3, including a base prospectus, that was filed
with the Securities Exchange Commission (SEC) on June 29, 2015 and
declared effective by the SEC on July 15, 2015. The offering
is being made only by means of a written prospectus and prospectus
supplement that form a part of the registration statement. A
preliminary prospectus supplement and accompanying prospectus
related to the offering has been filed with the SEC. A final
prospectus supplement for the offering will be filed with the SEC
and will be available on the SEC’s website located at
http://www.sec.gov. Copies of the final prospectus supplement
and the accompanying prospectus relating to the offering, when
available, may be obtained by contacting Leerink Partners LLC, c/o
Attention: Syndicate Department, One Federal Street, 37th
Floor, Boston, MA 02110, or by email
at syndicate@leerink.com, or by phone at (800) 808-7525, ext.
6132 or by contacting BTIG, LLC at 825 Third Avenue, 6th
Floor, New York, NY, 10022, or by telephone at (212) 593-7555
or by e-mail at equitycapitalmarkets@btig.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of these securities, nor will
there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale is not
permitted.
About Vericel CorporationVericel is a leader in
advanced cell therapies for the sports medicine and severe burn
care markets. The company markets two cell therapy products
in the United States. MACI® (autologous cultured chondrocytes
on porcine collagen membrane) is an autologous cellularized
scaffold product indicated for the repair of symptomatic, single or
multiple full-thickness cartilage defects of the knee with or
without bone involvement in adults. Epicel® (cultured
epidermal autografts) is a permanent skin replacement for the
treatment of patients with deep dermal or full thickness burns
greater than or equal to 30% of total body surface area.
Epicel® and MACI® are registered trademarks of Vericel
Corporation. © 2018 Vericel Corporation. All rights reserved.
Cautionary Statement on Forward-Looking
StatementsThis press release contains "forward-looking
statements," within the meaning of the Private Securities
Litigation Reform Act of 1995, regarding, among other things, the
public offering of Vericel’s common stock and expected use of
proceeds from such offering. Such forward-looking statements are
based on current expectations and involve inherent risks and
uncertainties, including factors that could delay, divert or change
any of them, and could cause actual results to differ materially
from those projected in its forward-looking statements. Meaningful
factors which could cause actual results to differ, including, the
satisfaction of customary closing conditions related to the
proposed public offering, as well as other factors discussed in the
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" sections of
Vericel's Annual Report on Form 10-K for the year ended December
31, 2017 and Vericel’s Quarterly Report on Form 10-Q for the
quarter ended March 30, 2018, which are on file with the SEC and
available on the SEC's website at www.sec.gov, and in the
preliminary prospectus supplement related to the proposed offering
filed with the SEC. In addition to the risks described above, other
unknown or unpredictable factors also could affect Vericel’s
results. There can be no assurance that the actual results or
developments anticipated by Vericel will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on Vericel. Therefore, no assurance can
be given that the outcomes stated in such forward-looking
statements and estimates will be achieved. Except as required by
applicable law, Vericel does not plan to publicly update or revise
any forward-looking statements contained herein, whether as a
result of any new information, future events, changed circumstances
or otherwise.
Vcel-fin
CONTACT:
Chad RubinSolebury Troutcrubin@troutgroup.com+1 (646)
378-2947
Lee SternSolebury Troutlstern@troutgroup.com+1 (646)
378-2922
Vericel (NASDAQ:VCEL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vericel (NASDAQ:VCEL)
Historical Stock Chart
From Jul 2023 to Jul 2024