Vericel Closes 7.1 Million Stock Offering

Vericel shares are nearly 7% higher in early trade as the company said after Wednesday’s close it has closed its 7.1 million share offering, priced at $2.75 per share, resulting in gross proceeds of $20 million.

The offering included 930,000 shares of common stock sold pursuant to the over-allotment option granted by the company to the underwriters, which was exercised in full.

Vericel plans to use the proceeds from the offering to support the commercialization of MACI, expend promotional efforts for Epicel, expand and optimize manufacturing, and for other general corporate purposes. Shares of the commercial-stage biopharmaceutical company last traded at $3.10.

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