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Orthovita nets $32.2mm in equity offering; sells $45mm in debt

Executive Summary

Orthovita (biomaterials and implants for spine and orthopedic applications) netted $32.2mm through a registered direct offering of 12.3mm common shares priced at $2.64 each (a 17% discount). Lead and new investor Essex Woodlands Health Ventures was joined by returning shareholders Lehman Brothers, Magnetar Capital, and affiliates of William Harris Investors. A member of Essex Woodlands will take a seat on the company's board. Orthovita also agree to sell $45mm in 10% five-year senior secured notes to Lehman affiliate LB I Group. The company also issued LB I five-year warrants to buy 1.47mm common shares exercisable at $3.41. Concurrently, Orthovita terminated its revenue interest obligation with Paul Capital.
Deal Industry
  • Biotechnology
  • Medical Devices
  • Medical Devices
    • Biomaterials
    • Implantable Devices
Deal Status
  • Final
Deal Type
  • Financing
    • Nonconvertible Debt
    • Private Placement

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