Bone Therapeutics raises €7.7m to fund bone cell therapy
30 January 2013
Bone Therapeutics, a biopharmaceutical company focused on
innovative cell therapy products for the treatment of bone diseases, has
successfully closed a Series D funding round, raising €7.7 million from
current investors and the Walloon Region.
The funds raised will be used to further accelerate the
development of the company's unique bone cell therapy pipeline, as
well as sustain the ongoing Phase III clinical trials for Bone
Therapeutics' lead product PREOB. PREOB is an autologous bone cell
therapy product which is in Phase III clinical trials for the
treatment of osteonecrosis and non-union fractures.
Bone Therapeutics' cell therapy approach seeks to significantly
improve upon current standard of care for bone diseases. All Bone
Therapeutics' cell products are unique as they are osteoblastic (ie,
bone-forming) and require a minimally invasive administration
technique, avoiding the need for surgery.
The Series D round was supported by Bone Therapeutics' existing
private and institutional investors (Nausicaa Ventures, BAMS Angels
Fund I and Life Science Research Partners) as well as the Société
Régionale d'Investissement de Wallonie (SRIW) and Sambrinvest, two
supportive Walloon Region controlled minority shareholders. Combined
with the Company's already strong financial position, Bone
Therapeutics has a solid platform to secure the Company's future
Enrico Bastianelli, Chief Executive Officer of Bone Therapeutics,
commented: "We are delighted to have successfully raised further
funds to support our clinical objectives and to continue to receive
the important encouragement from our shareholders and the Walloon
Region. We can now accelerate our clinical development programs,
specifically for our lead product, PREOB, and continue further
innovative research in the important bone disease area."
Chris Buyse, Bone Therapeutics Director representing Life Science
Research Partners, commented: "By participating in this new round,
we wanted to demonstrate our belief in Bone Therapeutics and its
senior management team. The major therapeutic advances of the
Company's broad, late-stage pipeline, as well as its potential and
competitiveness in the field of regenerative medicine were key
elements in our continued support of the Company."