LA JOLLA, Calif., May 4 /PRNewswire/ -- Advanced Tissue Sciences, Inc.
(Nasdaq: ATIS) announced today that the federal securities class action filed
against the Company and two of its officers last year has been voluntarily
dismissed by lead plaintiffs' counsel. No payment was made by Advanced Tissue
Sciences. Voluntary dismissal terminates the action. The Company was
represented in the case by the law firm of Brobeck, Phleger & Harrison LLP.
Commenting on the dismissal, Arthur J. Benvenuto, Chairman of the Board
and Chief Executive Officer, stated, "We are pleased that the action has been
voluntarily dismissed after plaintiffs' counsel completed a conscientious and
thorough review of the facts. We look forward to concentrating exclusively on
our core business objectives."
Advanced Tissue Sciences, Inc. 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, through its
Dermagraft Joint Venture with Smith & Nephew plc, currently has two products
on the market: TransCyte(TM), a temporary covering for second-degree
(partial-thickness) and third-degree (severe, full-thickness) burns, and
Dermagraft(R), a living dermal replacement for the treatment of diabetic foot
ulcers (currently available in Canada and the United Kingdom). The Company is
conducting a multi-center trial for Dermagraft for diabetic foot ulcers in the
United States, and is pursuing additional indications for Dermagraft,
including venous and pressure ulcers, through the Dermagraft Joint Venture.
The Company is also developing products for cartilage and cardiovascular
applications.
SOURCE Advanced Tissue Sciences, Inc.
 back to top
Company News On-Call:
http://www.prnewswire.com/comp/532975.html or fax,
800-758-5804, ext. 532975
CONTACT:
Cheryl B. Monblatt, Director Corporate
Communications and Investor Relations of Advanced Tissue
Sciences, Inc., 619-713-7802
|
