Orthovita Announces $32.5 Million Equity Offering, $45 Million Debt Facility, and Repurchase of Revenue Interest Obligation

Orthovita, Inc. (NASDAQ: VITA), a spine and orthopedic biosurgery company, announced a $32.5 million equity offering. The transaction consists of a registered direct offering of approximately 12.3 million shares of Orthovita common stock to select institutional investors and an accredited investor associated with one of the institutions. The share price is based on a 15% discount to the 30 day volume weighted average price (VWAP) of the Company's common stock immediately prior to the date of the definitive offering documents. The Company expects to receive approximately $32.2 million in net proceeds from the equity offering after deduction of estimated offering expenses. There is no...

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