Advanced Tissue Files for Chapter 11
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Advanced Tissue Sciences Inc., which processes tissue for skin grafts, filed for Chapter 11 bankruptcy protection and plans to sell its half in a joint venture to partner Smith & Nephew for $12 million.
Advanced Tissue, based in La Jolla, will cut 70 jobs and take a $5-million charge as part of the reorganization, the firm said,
London-based Smith & Nephew agreed to provide $5 million to finance operations of the partnership for 60 days while court approval is sought for the sale, Advanced Tissue said.
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