ROCKLAND, Mass.--(BUSINESS WIRE)--Feb. 21, 2006--BioSphere Medical, Inc. (NASDAQ: BSMD) a medical device company that has pioneered the use of bioengineered microspheres to treat uterine fibroids, hypervascularized tumors and vascular malformations by a procedure called embolization today announced that is has entered into a securities purchase agreement with selected accredited investors pursuant to which such investors have agreed to purchase from the company an aggregate of 2,075,000 shares of the company’s common stock at a per share price of $7.00. The closing of the financing is expected to occur on or about February 22, 2006, subject to the satisfaction of certain customary closing conditions contained in the definitive transaction agreements. This financing will result in net proceeds to the company of approximately $13.4 million after the deduction of offering expenses. As part of this transaction, the company has agreed to file a resale registration statement on Form S-3 with the Securities and Exchange Commission within 30 days following the closing for the purpose of registering for resale the shares of common stock sold in the financing.
