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BioMimetic Therapeutics Reports 2008 Fourth Quarter and Year End Results

BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) today reported its financial results as of and for the three and twelve months ended December 31, 2008. For the three months ended December 31, 2008, the Company reported a net loss of $12.2 million or $(0.65) per share, compared to a net loss of $6.9 million, or $(0.37) per share, for the same period in 2007. For the twelve months ended December 31, 2008, the Company reported a net loss of $8.0 million, or $(0.43) per share, compared to a net loss of $24.6 million, or $(1.37) per share, for 2007. The net loss for the three months ended December 31, 2008 includes a $3.2 million non-cash impairment charge on the Company’s investments in auction-rate securities. The net loss for the twelve months ended December 31, 2008 includes a $13.4 million non-cash impairment charge on the Company’s investments in auction-rate securities. The charge is classified as other-than-temporary impairment investment loss in the consolidated statements of operations for the three and twelve months ended December 31, 2008. The Company ended the year with $97.4 million of cash and cash equivalents and investments, including $46.6 million in auction rate securities that are currently not liquid.

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Josh Sandberg

Josh Sandberg is the President and CEO of Ortho Spine Partners and sits on several company and industry related Boards. He also is the Creator and Editor of OrthoSpineNews.

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