Exhibit 99.1
FOR IMMEDIATE RELEASE
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Contact: Steven T. Sobieski
Chief Financial Officer
LifeCell Corporation
908/947-1100
LIFECELL COMPLETES PRIVATE PLACEMENT
BRANCHBURG, NEW JERSEY, October 31, 2000. LifeCell Corporation (Nasdaq
LIFC) announced today that it has completed the private placement of 2,500,000
shares of its common stock with selected accredited investors at a price of
$4.00 per share. Net proceeds from the financing will be used to continue the
Company's product development programs, to expand sales and marketing of its
current products, for potential acquisitions of complementary technologies or
products and for working capital and general corporate purposes. Prudential
Vector Healthcare Group, a unit of Prudential Securities, and Gruntal & Co.,
L.L.C. served as placement agents for the private placement.
LifeCell Corporation is a leader in the emerging field of regenerative
medicine engaged in developing and marketing biologic solutions for the repair,
replacement and preservation of human tissues. LifeCell currently markets three
products based on its tissue matrix technology: AlloDerm for the plastic
reconstructive and burn markets through LifeCell's direct sales force and for
the dental market through BioHorizons Implant Systems; Cymetra(TM) for the
plastic reconstructive and dermatology markets through LifeCell's direct sales
force and a co-promotion agreement with Obagi Medical Products; and
Repliform(TM) for the urogynecology market through the Company's partnership
with Boston Scientific Corporation. The Company's product development programs
include a small diameter vascular graft as an alternative to autografted blood
vessels, orthopedic applications of its acellular dermal matrix and formulations
for the extended storage of human blood cells, including additive solutions for
red blood cells and Thrombosol(TM) for platelets.
Certain of the statements contained in this news release are
"forward-looking statements" (as defined in the Private Securities Litigation
Reform Act of 1995). While these statements reflect the Company's current
beliefs and are based on assumptions that the Company believes are reasonable,
they are subject to uncertainties and risks that could cause actual results to
differ materially from anticipated results. These factors include, but are not
limited to, the risks detailed in the Company's Annual Report on Form 10-K for
the year ended December 31, 1999 and other reports filed with the Securities and
Exchange Commission.
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