Advanced Tissue Sciences (ticker: ATIS, exchange: NASDAQ Global Market (.O))
News Release -
int Venture Partner Increases Equity Ownership in Advanced Tissue Sciences
LA JOLLA, Calif., June 30 /PRNewswire/ -- Advanced Tissue Sciences, Inc.
(Nasdaq: ATIS) today announced that Smith & Nephew plc, the Company's partner
in its Dermagraft and cartilage joint ventures, has increased its equity
ownership position. This more than doubles Smith & Nephew's ownership
position. A $10 million loan from Smith & Nephew related to the Dermagraft
Joint Venture was converted into approximately 2.8 million shares of the
Company's common stock as allowed under the terms of the loan agreement. The
loan was due and payable in less than a year. The conversion increases Smith
& Nephew's interest in the Company to approximately 8%.
Advanced Tissue Sciences is a tissue engineering company utilizing its
proprietary core technology to develop and manufacture human-based tissue
products for tissue repair and transplantation. The Company has two joint
ventures with Smith & Nephew. The first covers the application of Advanced
Tissue Sciences' tissue engineering technology for skin wounds and includes
Dermagraft(R) for the treatment of diabetic foot ulcers, TransCyte(TM) for the
temporary covering of second and third-degree burns and future developments
for venous ulcers, pressure ulcers, burns and other non-aesthetic wound care
treatments. The second joint venture is developing tissue-engineered
orthopedic cartilage, initially focusing on the repair of cartilage in knee
joints. The Company also has a strategic alliance with INAMED Corporation for
the development and marketing of several of Advanced Tissue Sciences'
human-based, tissue-engineered products for aesthetic and certain
SOURCE Advanced Tissue Sciences, Inc.