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ORTHOVITA INC : -->Orthovita sells stock, buys back pro

h.mackel
31 juil. 200714:51

bizjournals.com
Orthovita sells stock, buys back product rights
Monday July 30, 10:05 am ET


Orthovita Inc., a spine and orthopedic biosurgery company, completed a $32.5 million equity offering Monday.
The Malvern, Pa., company plans to use the roughly $32.3 million in net proceeds from the offering for product development, sales force expansion and increasing manufacturing capacity, as well as for working capital and other general corporate purposes.



The transaction consisted of a registered direct offering of about 12.3 million shares of common stock to a group of institutional investors led by Essex Woodlands Health Ventures of Palo Alto, Calif. Lehman Brothers Inc., Magnetar Capital and affiliates of William Harris Investors Inc., all existing shareholders of the company, also participated in the financing.

In a separate action, Orthovita (NASDAQ:VITA - News) said Monday it has entered into an agreement to repurchase Paul Capital Healthcare's interest in future sales of certain Orthovita biomaterial products for $20 million and about 1.14 million shares of common stock. Orthovita entered into the revenue interest agreement with Paul Capital Healthcare of San Francisco in October 2001 to fund clinical development and marketing programs for its products.

Orthovita also entered into a $45 million debt arrangement with LBI Group Inc., an affiliate of New York-based Lehman Brothers Inc., to finance the deal with Paul Capital. The remaining $25 million will be used for other debt obligations and to fund continued expansion of manufacturing capacity.

Published July 30, 2007 by the Philadelphia Business Journal

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