Biomimetic gets SEC nod for offering

Local BioMimetic Therapeutics (NASDAQ: BMTI) announced today, following-up on its earlier announced intentions, that "the Securities and Exchange Commission (the “SEC”) has declared effective the Registration Statement on Form S-3 filed by the Company in connection with the rights offering previously announced by the Company. Accordingly, the Company has launched the $17 million rights offering pursuant to which holders of its common stock, except with respect to shares of common stock held by the BioMimetic 401K Plan, will be entitled to purchase additional shares of its common stock at a price of $8.50 per share. The proceeds from the rights offering are expected to be used for general corporate purposes, including to fund additional product development and potential commercialization activities."