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Vericel prices $17M common stock offering

Vericel Corp. priced an underwritten public offering of 6.2 million common shares at $2.75 apiece.

The company granted underwriters an overallotment option to buy up to an additional 930,000 shares.

Gross proceeds from the offering are expected to total about $17 million, before deducting the underwriting discount and other estimated offering expenses.

Vericel expects to use the proceeds to support the commercialization of MACI, expand promotional efforts for Epicel, expand and optimize manufacturing and for other general corporate purposes.

The offering is expected to close Dec. 21, subject to customary closing conditions.

Piper Jaffray & Co. is acting as the sole manager for the offering.