Cerapedics Announces Closing of Venture Debt Loan from GE Capital
WESTMINSTER, Colo., April 14, 2014 /PRNewswire/ -- Cerapedics, an orthobiologics company focused on developing and commercializing its proprietary synthetic small peptide (P-15) technology platform, today announced closing of a $9 million venture debt financing from GE Capital, Healthcare Financial Services. The loan, which does not include equity or warrant coverage, will support general business operations for Cerapedics, including the advancement of Cerapedics' United States regulatory process.
"With the recent presentation of our preliminary outcomes data for i-FACTOR™ Peptide Enhanced Bone Graft, we are pleased to announce closing of this loan agreement with GE Capital, which will position us to continue our progress toward US regulatory approval and commercialization in the months ahead," said Jeffrey G. Marx, Ph.D., president and chief operating officer at Cerapedics.
On March 11, Cerapedics announced preliminary outcomes data from a FDA Investigational Device Exemption (IDE) clinical trial for i-FACTOR Peptide Enhanced Bone Graft in anterior cervical discectomy and fusion (ACDF) procedures. The study was a randomized, controlled, multicenter, prospective trial for single-level instrumented ACDF procedures inside of a structural allograft ring. Preliminary analysis of the results indicated that treatment with i-FACTOR bone graft met the pre-specified primary end points.
"We are looking forward to building a strong relationship with GE Capital and are excited to move forward with their support. We are confident that the future for Cerapedics and for i-FACTOR Peptide Enhanced Bone Graft will be extremely auspicious," said Glen Kashuba, chief executive officer at Cerapedics.
Cerapedics is an orthobiologics company focused on developing and commercializing its proprietary synthetic small peptide (P-15) technology platform. i-FACTOR Peptide Enhanced Bone Graft is the only biologic bone graft that incorporates a small peptide as an attachment factor to stimulate the natural bone healing process. This novel mechanism of action is designed to support safer and more predictable bone formation at a lower cost compared to commercially available bone growth factors. More information can be found at www.cerapedics.com.
CAUTION: i-FACTOR bone graft is currently not approved for commercial use in any indication in the United States and is limited by U.S. Federal Law to investigational use only.
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