A Westport bioscience marketer of a treatment for diabetic foot ulcers is preparing to go public Wednesday, raising $200 million to build a second production plant and fund ongoing research, Seekingalpha.com reports.
Advanced BioHealing plans to sell 8.35 million shares at around $15 apiece. Its investors also plan to sell another 5 million shares. The IPO would put the firm’s market capitalization at around $540 million, Seekingalpha.com said Monday.
The company plans to use $50 million to $60 million of its net offering proceeds to build the manufacturing facility, the online stock analyst says.
The rest will go toward working capital and other corporate uses. Â It currently has a production facility in the San Diego suburb of La Jolla, Calif.
Advanced BioHealing research and development is based in Nashville, Tenn.
The company declined to give specifics about its IPO beyond what was in the Seekingalpha.com report.
According to Seekingalpha.com Advanced BioHealing acquired a regenerative medicine business from Smith & Nephew in 2006.
Its 2010 sales of $147 million were up 72 percent from 2009. First-quarter 2011 sales of $44 million were up 47 percent from the same quarter a year ago.
