Ortec International wraps private placement of stock for $5 million

By Sheri Kasprzak

Atlanta, Jan. 6 - Ortec International Inc. said it has closed a private placement of stock for $5 million.

The company sold $5 million in common shares for cash. Ron Lipstein, the company's chief executive officer, declined to comment Thursday on other details of the offering.

"A 8-K will be filed in the next few days, so this was just kind of a preview to that," Lipstein said in an interview.

An additional $1.4 million was raised through the exercise of warrants issued in a previously closed private placement, Lipstein said.

Burnham Hill Partners was the placement agent in the offering.

Ortec, based in New York, is a tissue-engineering company focused on products and technologies that repair and regenerate human tissue.

On Thursday, the company's stock closed up $0.09 at $1.04.

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