Advanced Tissue Files for Chapter 11

BIOTECH

*

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.