Vericel Corp. closed its common stock offering with gross proceeds of about $74.8 million.
The company sold 5,750,000 common shares, including 750,000 shares as part of the full exercise of the underwriters' option, at $13.00 apiece.
Vericel plans to use the proceeds to expand its business by in-licensing or acquiring product candidates, technologies, other assets, commercial products or businesses that would complement its existing commercial franchises or its advanced cell therapy platform.
The company will also use the proceeds for general corporate purposes.
Leerink Partners acted as the lead book runner, BTIG LLC served as a book runner, and Ladenburg Thalmann acted as co-manager for the offering.
Cambridge, Mass.-based Vericel is a commercial-stage biopharmaceutical company, which researches, develops, manufactures, markets and sells patient-specific expanded cellular therapies to treat severe diseases and conditions.
