By Sheri Kasprzak
New York, Dec. 14 - Orthovita, Inc. said it plans to raise $12,954,546 in a direct placement.
The company intends to sell 4,318,182 shares at $3.00 each to Magnetar Capital Master Fund, Ltd. and Cortina Asset Management.
On Tuesday, the company's closing stock price was $3.31.
The shares will be sold under Orthovita's shelf registration.
Proceeds will be used for sales force expansion and for general corporate purposes.
Malvern, Pa.-based Orthovita is a biotechnology company focused on developing synthetic, biologically active tissue-engineering products used in orthopedics and neurosurgical uses.
| Issuer: | Orthovita, Inc.
|
| Issue: | Stock
|
| Amount: | $12,954,546
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| Shares: | 4,318,182
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| Price: | $3.00
|
| Warrants: | No
|
| Investors: | Magnetar Capital Master Fund, Ltd. and Cortina Asset Management
|
| Pricing date: | Dec. 14
|
| Stock price: | $3.27 at close Dec. 14
|
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