Fibrocell Science Inc. closed its underwritten public offering of 13,636,364 common shares and warrants to buy up to 14,046,950 common shares for gross proceeds of $10.5 million.
The net proceeds from the offering were about $9.3 million.
The offering included warrants to buy up to 410,586 common shares pursuant to the partial exercise of the underwriter's option to buy additional common warrants.
Each common share was bundled with a warrant to buy an additional stock at 77 cents apiece. The common warrants issued in the offering are exercisable immediately at 77 cents per share and will expire five years from the date of issuance.
The underwriter has an option to buy up to an additional 2,045,454 common shares at 76 cents, which includes the partial exercise.
Fibrocell will use the net proceeds for the continued clinical and preclinical development of its product candidates FCX-007 and FCX-013.
H.C. Wainwright & Co. acted as the sole book-running manager for the offering.
