Vericel (VCEL), developer of MACI autologous cultured chondrocyte product for cartilage repair, priced its underwritten public offering of 5MM shares of common stock at $13/share. The offering is slated to close by June 5.
Gross proceeds are expected to be $65MM before deducting expenses. The company granted underwriters 30 days to purchase up to 750,000 shares more on the same terms and conditions.
Proceeds will support general corporate purposes and potential expansion by in-licensing or acquiring complementary product candidates, technologies, etc., though the company has no current commitments or obligations to do so.
In its 1Q18 earnings call, VCEL leadership outlined four 2018 strategic imperatives for MACI, as follows:
- Establish MACI as the premium cartilage repair brand
- Increase number of surgeons using MACI
- Streamline and extend MACI access
- Drive patient awareness
Sources: Vericel Corporation; ORTHOWORLD Inc.