In important player in the tissue and stem cell growth industry for over 20 years, in March 2009, Advanced Tissue Sciences Inc. went out of business per its Chapter 11 liquidation under bankruptcy. Previously known as Marrow Tech (NASDAQ MAROZ) Advanced Tissue Sciences, Inc. (OTC:ATISZ) with a impressive list of collaborators and projects of consequence, had been in the business of growing 3-dimensional living tissue: human-based tissue products for tissue repair and transplantation. The firm offered TransCyte for the temporary covering of severe and partial-thickness burns. In addition, the company engages in the development of tissue-engineered products for wound care, aesthetic and reconstructive, cardiovascular, orthopedic, and surgical applications. Advanced Tissue Sciences, Inc. had previously announced Chapter 11 Liquidating Plan on 3/31/2003 - which announcement resulted in ATS stock being cancelled and its former stockholders held non-trading interests in the ATS Liquidating Trust. The Bankruptcy Court also approved the sale of its assets related to its NouriCel™ product line and related intellectual property to SkinMedica, Inc. Pursuant to the sale, the company received from SkinMedica $5 million in cash and a $2 million, two-year secured promissory note. In May 2003, the Bankruptcy Court approved the sale of additional fixed assets and intellectual property rights to Smith & Nephew Wound Management. Smith & Nephew would acquire certain ATS intellectual property rights related to cartilage, orthopedics, spinal, neurological, and dental applications, which include rights to a pending clinical trial using Dermagraft in a periodontal application.
