Fibrocell Science Inc., a small Exton biotechnology company developing gene therapies for rare skin and connective-tissue diseases, announced it is selling 13.6 million shares of common stock at 77 cents a share. The firm, which trades on the Nasdaq under the ticker symbol FCSC, expects to raise $10.5 million.
In 2011, Fibrocell received Food and Drug Administration approval for its first product, a wrinkle treatment, azficel-T. The product is not sold commercially, however, the technology is the basis for developing cell-based gene therapies for rare skin diseases, the company said. Fibrocell was formerly called Isolagen Inc. when it ran out of money and filed for bankruptcy in 2009. It emerged from bankruptcy three months later as Fibrocell. The company has 20 employees and no reported revenues.