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This article was originally published in The Gray Sheet

Executive Summary

Malvern, Pennsylvania-based maker of bone substitute materials nets approximately $16.8 mil. from an initial public offering of 2.3 mil. shares of common stock at $10.50 per share on June 25. The offering, which included 1.5 mil. shares and a 300,000 share overallotment option offered by the company, as well as 500,000 shares offered by selling shareholders, was made through a retail public offering in Belgium. A secondary offering in the U.S. is anticipated when market conditions improve, the firm explains. The proceeds are tabbed for expansion of marketing and manufacturing activities, clinical trials of the company's bone cement and bone substitute products for various indications, and continued R&D. Orthovita, which has offered BioGran resorbable granular bone grafting material for dental surgical applications since 1995, plans to submit a 510(k) by the end of June for its Orthocomp bone bonding cement - initially for use in screw augmentation ("The Gray Sheet" Feb. 2, I&W-8). The company also is developing VitaGraft, a resorbable calcium phosphate bone substitute material. The IPO was managed by Quartz Capital Partners Limited, Artesia Bank and Bank Brussels Lambert...



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