LA JOLLA, Calif., Jan. 31 /PRNewswire/ -- Advanced Tissue Sciences, Inc.
(Nasdaq: ATIS) today announced that it has received an additional $7.0 million
from the State of Wisconsin Investment Board. The Investment Board exercised
warrants to purchase an additional 1,750,000 shares of common stock at $4.00
per share. These warrants were a component of the 3,750,000 units sold to the
State of Wisconsin Investment Board in November 1999, and bring the Investment
Board's direct ownership to more than 16%. The State of Wisconsin Investment
Board manages investments of over $60 billion on behalf of over 450,000
government employees and retirees.
"We are pleased that we had the opportunity to exercise our warrants and
increase our ownership position in Advanced Tissue Sciences, thus providing
additional funds for the further development of their products," said John
Nelson, Investment Director for the State of Wisconsin Investment Board.
"We are grateful to the State of Wisconsin Investment Board for their
continued support of our vision for tissue engineering," said Arthur J.
Benvenuto, Chairman and Chief Executive Officer. "This additional capital
comes at an important time in our product development cycle."
Advanced Tissue Sciences is a tissue engineering company utilizing its
proprietary core technology to develop and manufacture human-based tissue
products for tissue repair and transplantation. The Company has two joint
ventures with Smith & Nephew. The first covers the application of Advanced
Tissue Sciences' tissue engineering technology for skin wounds and includes
Dermagraft(R) for the treatment of diabetic foot ulcers, TransCyte(TM) for the
temporary covering of second and third-degree burns and future developments
for venous ulcers, pressure ulcers, burns and other non-aesthetic wound care
treatments. The second joint venture is developing tissue-engineered
orthopedic cartilage, initially focusing on the repair of cartilage in knee
joints. The Company also has a strategic alliance with Inamed Corporation for
the development and marketing of several of Advanced Tissue Sciences'
human-based, tissue-engineered products for aesthetic and certain
reconstructive applications. In addition, the Company is developing products
for cardiovascular applications.
Information in this press release which is not strictly historical may be
"forward looking" and involves risks and uncertainties. Risks and
uncertainties in the Company's operations include, without limitation, the
possible inability to obtain additional financing when needed, a history of
operating losses and accumulated deficits, the Company's reliance on and
uncertainties related to collaborative relationships, clinical trials, the
ability to obtain the appropriate regulatory approvals, patent protection, and
market acceptance, as well as other risks detailed from time to time in
publicly available filings with the Securities and Exchange Commission,
including without limitation, Advanced Tissue Sciences' Quarterly Report on
Form 10-Q for the quarter ended September 30, 1999. The Company undertakes no
obligation to release publicly the results of any revision to these
forward-looking statements to reflect events or circumstances arising after
the date hereof.
SOURCE Advanced Tissue Sciences, Inc.
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800-758-5804, ext. 532975
CONTACT:
Jana Stoudemire, Senior Director, Corporate
Communications, Advanced Tissue Sciences, Inc., 858-713-7802
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