FRANKLIN, Tenn.--(BUSINESS WIRE)--BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) announced today that on June 22, 2009, the offering period of its previously announced rights offering expired. In connection with the rights offering, the Company previously offered to its stockholders as of April 21, 2009, non-transferable rights to purchase 2,000,000 shares of its common stock for a purchase price of $8.50 per share. The preliminary results indicate that the offering has been over-subscribed and, accordingly, the Company will issue a total of 2,000,000 shares to stockholders that exercised their basic subscription privileges and their over-subscription privileges. As the number of over-subscription requests exceeds the number of shares available for sale in the rights offering, the Company will allocate the shares of common stock that are available for sale pursuant to over-subscription requests on a pro rata basis. Novo A/S, a stockholder of the Company, had committed to participate in the rights offering as a standby purchaser; however, due to the over-subscription by the Company’s other stockholders, Novo A/S will participate only to the extent of its pro rata interest. Any excess subscription payments received by the subscription agent will be returned promptly, without interest or penalty.
