Cytori Therapeutics Inc. (CYTX) announced the sale of 7.02 million shares of its common stock in an underwritten public offering at a price to the public of $2.85 per share. The net offering proceeds to Cytori from the sale of the shares are expected to be approximately $18.5 million, after deducting underwriting discounts and commissions and other estimated offering expenses, but excluding any exercise of the underwriters' over-allotment option.
Cytori anticipates using the net proceeds from this offering for general corporate purposes, including the continued development, manufacture, marketing and sale of its Celution System family of products, including related research and clinical trials, and other related research and development, sales and marketing, and general administrative expenses, working capital, capital expenditures and future acquisitions.
The offering is expected to close on or about December 19, 2012, subject to customary closing conditions. In addition, Cytori has granted the underwriters a 30-day option to purchase up to an additional 1.05 million shares of common stock on the same terms and conditions, solely to cover over-allotments, if any.
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