LA JOLLA, Calif., June 23 /PRNewswire/ -- Advanced Tissue Sciences, Inc.
(Nasdaq: ATIS) announced today that a shareholder has filed a lawsuit against
the Company and two of its officers in the United States District Court for
the Southern District of California. The lawsuit alleges violations of the
federal securities laws, and purports to seek damages on behalf of a class of
shareholders who purchased Advanced Tissue Sciences, Inc. common stock during
the period from January 13, 1997 through June 11, 1998. The Company believes
that the lawsuit is without merit and intends to defend against it vigorously.
Advanced Tissue Sciences is a tissue engineering company utilizing its
proprietary core technology to develop and manufacture human tissue products
for tissue repair and transplantation. The Company currently has two products
in the market, Dermagraft-TC(R), a temporary covering for full and partial-
thickness burns, and Dermagraft(R), a living, permanent dermal replacement for
the treatment of diabetic foot ulcers (currently available in Canada and the
UK). In addition to Dermagraft-TC and Dermagraft, the Company also is
developing products for cartilage and cardiovascular applications.
SOURCE Advanced Tissue Sciences, Inc.
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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 532975
CONTACT:
Arthur J. Benvenuto, Chairman and Chief
Executive Officer, 619-450-5735, or Jack D. Strube, Executive
Director, Finance, 619-450-5802, both of Advanced Tissue
Sciences, Inc.
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