Exhibit 99.1
FOR IMMEDIATE RELEASE
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Contact: Steven T. Sobieski
Chief Financial Officer
LifeCell Corporation
908/947-1100
LIFECELL ANNOUNCES PRIVATE PLACEMENT
BRANCHBURG, NEW JERSEY, September 5, 2000. LifeCell Corporation (Nasdaq
LIFC) announced today that it has entered into purchase agreements for 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. The closing of this financing is contingent
upon the declaration of the effectiveness of a resale registration statement
relating to the shares which has been filed with the Securities and Exchange
Commission and certain other customary closing conditions. Prudential Vector
Healthcare Group, a unit of Prudential Securities, and Gruntal & Co., L.L.C.
served as placement agents for the private placement.
The securities being sold in the private placement have not been registered
under the Securities Act of 1933 and may not be offered or sold in the United
States without the effectiveness of a resale registration statement or an
applicable exemption from the registration requirements.
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
Thrombosol(TM), a formulation for extended storage of platelets.
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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, closing of the private financing and other 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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