BONESUPPORT Closes Second Tranche of Funding
LUND, Sweden, June 19, 2012 /PRNewswire/ -- BONESUPPORT, an emerging leader in injectable bone substitutes for orthopedic trauma, bone infections and instrument augmentation related to orthopedic surgery, reported today that it received SEK 70M; $9.9M; euro 8M in cash within the second and final tranche of funding. This is part of a larger investment that was announced in June 2011 when the company received approximately SEK 101M; $19m; euro 13m. In this round of funding, thirteen investors contributed, the majority coming from lead investors Healthcap, Industrifonden and Lundbeckfond Ventures.
The funds will allow BONESUPPORT to accelerate commercial expansion in the US, Europe and Asia, with a focus on the upcoming launch of an antibiotic formulated CERAMENT. Funding will also be used to further drive research and development and widen the Company's offerings.
"BONESUPPORT'S enhanced cash position improves our ability to support the short and long term growth strategy," said Lloyd Diamond, CEO of BONESUPPORT. "We believe this financing round will especially enable the Company to focus on its near term goal of launching the CERAMENT antibiotic portfolio, an exciting development in the CERAMENT platform that we believe will continue to drive our sales growth."
Oern Stuge, Executive Chairman added, "This funding is a testament to the confidence of our investors. It demonstrates their support of the management team and strategy, as well as their strong belief in the attributes of CERAMENT and the pending launch of our next generation products with antibiotic formulations."
For more information about BONESUPPORT and CERAMENT, visit www.BONESUPPORT.com.
BONESUPPORT is an emerging leader of injectable bone substitutes for orthopedic trauma focusing on bone infection, instrument augmentation related to orthopedic surgery and spinal applications. CERAMENT™ is a fully developed product platform that is commercially available in the U.S. and Europe and is revolutionizing the treatment of fragility and other fractures caused by disease and trauma. Scientific research of CERAMENT spans more than eleven years and over forty-five pre-clinical, clinical and animal studies have been conducted. More than 4,000 patients have been treated with CERAMENT. The company was founded in 1999 and is based in Lund, Sweden with subsidiary locations in the US and Germany. To learn more about BONESUPPORT please visit www.bonesupport.com.
Chief Executive Officer
Phone: +46 46 286 53 61
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