BioMimetic Therapeutics files for $50 million IPO

By Jennifer Chiou

New York, Feb. 10 - BioMimetic Therapeutics, Inc. filed for an estimated $50 million initial public offering of stock in an S-1 registration with the Securities and Exchange Commission.

Deutsche Bank and Pacific Growth are bookrunners. First Albany and A.G. Edwards are also in the syndicate.

The Franklin, Tenn.-based company is focused on developing and commercializing drug-device combination products to repair orthopedic injuries to bone, cartilage, ligaments and tendons.

BioMimetic said its products use recombinant human Platelet-Derived Growth Factor, a wound-healing stimulator in the body.

In November, the Food and Drug Administration approved the company's GEM 21S Growth-factor Enhanced Matrix, its first product candidate, for bone loss associated with advanced periodontal disease.

IPO proceeds will be used for research and development, the licensing of molecules and matrix materials, marketing GEM 21S, working capital and general corporate purposes.

BioMimetic had a $3.197 million operating loss on revenues of $3.892 million for the first nine months of 2005 compared with an operating loss of $0.217 million on revenues of $4.3 million for the same period in 2004.

As of Sept. 30, the company said it has 7,215,330 shares outstanding, which includes the conversion - effective at the close of the IPO - of all of BioMimetic's convertible preferred stock into 6,147,560 shares. The number of shares excludes 906,792 shares linked to the exercise of stock options and 578,208 shares reserved for future stock plan issues.

The company has applied to list its common stock on the Nasdaq National Market under the symbol "BMTI".

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