LifeCell
This article was originally published in The Gray Sheet
Executive Summary
Nets approximately $5 mil. from the private sale of 263,250 units, each consisting of one share of series A convertible preferred stock and one warrant to purchase one share of common stock. The Woodlands, Texas-based firm says the funds will pay for company operations until mid-1996 and will enable an acceleration of sales and marketing efforts for its AlloDerm universal dermal tissue graft, introduced last December. "Significant investors" in the offering included Medtronic and Allstate Insurance Company, LifeCell says. Medtronic and LifeCell entered a pact earlier this year to co-develop a tissue heart valve ("The Gray Sheet" March 7, I&W-4).