EXHIBIT 99.1
FOR INFORMATION CONTACT:
Jana Stoudemire
Senior Director, Corporate Communications
(858) 713-7802
FOR IMMEDIATE RELEASE
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ADVANCED TISSUE SCIENCES COMPLETES PRIVATE PLACEMENT OF
$20 MILLION WITH STATE OF WISCONSIN INVESTMENT BOARD
La Jolla, Calif., September 20, 2000 --- Advanced Tissue Sciences, Inc. (Nasdaq:
ATIS) today announced the completion of a $20 million private placement covering
the sale of 3,494,365 shares of unregistered common stock to the State of
Wisconsin Investment Board. Pricing of the shares was calculated based on a
fifteen percent discount to the thirty day average of the closing price of the
Company's shares through September 14, 2000. All proceeds of this financing are
intended to be used to fund existing operations and to provide additional
resources to move the Company's products and programs forward.
The securities sold in this private placement have not been registered under the
Securities Act of 1933 and may not be offered or sold in the United States in
the absence of an effective registration statement or exemption from
registration requirements.
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 plc. 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. For more information on Advanced Tissue Sciences visit our web
site at www.advancedtissue.com.
STATEMENTS IN THIS PRESS RELEASE THAT ARE NOT STRICTLY HISTORICAL MAY BE
"FORWARD-LOOKING" STATEMENTS WHICH INVOLVE RISKS AND UNCERTAINTIES. NO
ASSURANCES CAN BE GIVEN THAT THE COMPANY WILL BE ABLE TO OBTAIN ADDITIONAL
FINANCING TO CONTINUE OPERATIONS WHEN NEEDED OR TO KEEP EXISTING OR ESTABLISHED
COLLABORATIVE RELATIONSHIPS. ACTUAL RESULTS MAY DIFFER FROM THOSE DESCRIBED IN
THIS PRESS RELEASE DUE TO RISKS AND UNCERTAINTIES 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 JUNE 30, 2000. 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.
