Stem Cell Company Raises $16M in IPO
Source: Creative Medical Technology Holdings, Inc. Phoenix, Arizona-based Creative Medical Technology Holdings, Inc., a commercial stage biotechnology company which is commercializing a line of stem cell-based products, raised $16 million in an initial public offering of its stock.
According to Creative Medical, it is “focused on a regenerative approach to immunotherapy, urology, neurology, and orthopedics.” Its product pipeline includes the following products: StemSpine®, CaverStem®, FemCelz®, ImmCelz®, and OvaStem®.
StemSpine is a “regenerative stem cell procedure for treatment of degenerative disc disease.” CaverStem is a “regenerative stem cell procedure for treatment of erectile dysfunction in men.” FemCelz is a “regenerative stem cell procedure for treatment of female sexual dysfunction.” ImmCelz is “amniotic fluid derived stem cells for treatment of stroke.” OvaStem is a “stem cell treatment for premature ovarian failure.”
With this sale of 3,875,000 shares of Creative Medical stock, the company raised $16 million and will trade on Nasdaq under the ticker symbol "CELZ."
The sole underwriter of the issue was Newport Beach, California-based Roth Capital Partners, a small privately held investment banking company. The offering was a combination of “common stock and accompanying warrants to purchase up to 3,875,000 shares of common stock at a combined public offering price of $4.13.” Additionally, the warrants had “a per share exercise price of $4.13, are exercisable immediately, and expire five years from the date of issuance.”
Creative Medical Technology Holdings also announced that it “has granted to the underwriters of the offering a 45-day option to purchase up to 581,250 additional shares and/or additional warrants to purchase up to 581,250 shares of common stock to cover over-allotments, if any.”
