FRANKLIN, Tenn.--(BUSINESS WIRE)--BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) announced today that they have closed on the transaction with Luitpold Pharmaceuticals Inc., under which BioMimetic has sold the remainder of its dental business, including the downstream formulation, fill and finish manufacturing rights of GEM 21S, to Luitpold. Luitpold will market the GEM 21S product through its Osteohealth Company division. BioMimetic will receive $40 million in cash as a result of the transaction, plus approximately $4 million in cash from the sale of existing inventory, and royalty payments based on net sales of GEM 21S and future products in the dental and cranio-maxillofacial field. As part of the closing, BioMimetic has received an initial $15 million payment with another $15 million to be paid within 60 days of the closing. Additionally, $6 Million will be paid not later than 18 months from close and the remaining $4 Million to be paid no later than year-end 2009.
