Bone Therapeutics raises €7.7m to fund bone cell therapy pipeline
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 growth.
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."