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EXHIBIT 99.1
Orthovita, Inc.
45 Great Valley Parkway
Malvern, PA 19355
USA
Orthovita Private Equity Financing
$7 Million Raised in Private Equity Financing
For Immediate Release
July 20, 2000
Contact: Joseph M. Paiva, VP & CFO
Orthovita, Inc.
610-407-5233
MALVERN, Pennsylvania, USA, Thursday, July 20, 2000 - Orthovita, Inc.
(Easdaq: VITA), a leading developer of orthopaedic biomaterials, announced today
that it has sold 1,186,441 shares of its Common Stock in a private equity
financing, for aggregate proceeds of $7,000,000. The shares were purchased by a
private European foundation at $5.90 per share, which represents the average
closing price of Orthovita's common stock for the 20 days prior to the date of
purchase. The securities sold have not been registered under the Securities Act
of 1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration requirements. This
announcement does not constitute an offer of any securities for sale. Orthovita
has agreed to file a registration statement for these shares with the U.S.
Securities and Exchange Commission within the next ninety days. Orthovita is
currently in discussions with various other potential investors regarding the
sale of additional shares of Common Stock. The funds raised shall be used for
working capital and research and development.
Source: Orthovita, Inc.
