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Article: Isolagen Offering Raises $59.5M For Autologous Cellular Therapies.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
Tissue-regeneration company Isolagen Inc. brought in $59.5 million in a follow-on offering Thursday, leaving it with wrinkle-free plans to begin pivotal trials and bring its lead anti-aging product to the market.
The Houston-based company offered 7 million shares at $8.50 each, a slight discount. Isolagen's stock (AMEX:ILE) dropped 2 cents Thursday to close at $8.97.
It expects to use the estimated net proceeds of $55.4 million, not including any funds from an overallotment option, to expand its manufacturing capabilities in the U.S. and Europe. About $28 million is earmarked for that, while another $10 million is set aside so the ...