Advanced Tissue Sciences, Inc.

Trefethen Advisors' broad-based financial and strategic advisory experience extends across a range of situations, industries and transaction sizes. The firm's professionals have executed the following selected transactions, among others:

Experience Categories

Upstream Oil & Gas

Multi-Unit Retail

Client & Engagement Overview

Advanced Tissue Sciences, Inc. (“ATS”) was a leader in the field of tissue engineering, using patented technology to develop human-based tissue products for a variety of therapeutic applications prior to filing Chapter 11 Bankruptcy Protection
ATS’ Board of Directors engaged Trefethen principals to evaluate strategic and financial alternatives for ATS and each of its tissue-engineering based product lines and development programs.

Challenges

ATS had seven primary product lines, each with unique challenges, capital requirements, development timelines, and strategic partnerships.
Two products generated positive cash flow, two products generated losses, and the remaining three products required considerable investments and development timelines to realize their potential.

Outcome

Identified a strategy of divesting certain products to raise cash for remaining products to create a new ATS
Divested non-core assets to strategic buyers.
Repaid creditors in full with interest.
Completed an initial shareholder distribution of 2x stock price at the time of bankruptcy filing
Created a liquidating trust to complete subsequent shareholder distributions from milestone and royalty payments from strategic partners.