DALLAS, May 19, 2016 /PRNewswire/ -- Bone Solutions Inc. (BSI), a privately held orthobiologics technology company located in Dallas, TX, has officially closed its latest private placement memorandum of $1.5MM. The company surpassed its goal by achieving a funding round totaling more than $1.7MM. BSI also has an additional $1.65MM in committed funding from Next Health LLC, states the company's president and CEO, Drew Diaz.
The funding comes weeks before BSI's anticipated launch date for its new magnesium-based bone void filler product, OsteoCrete™. The product has been cleared by the FDA for long-bone and general orthopedic applications.
"We are very pleased and grateful to all of the investors and companies who have supported our latest funding campaign," says Mr. Diaz.
"This is an exciting time for our company, and we look forward to our official launch and changing the landscape of the orthobiologics industry."
Many modern devices used for bone repair or replacement are calcium-based and do not exhibit a combination of compressive strength and expandability necessary for optimal patient outcomes, Diaz explained. OsteoCrete is resorbable, or capable of being assimilated back into the body, as it is replaced with bone as the patient heals. It is also injectable, moldable, osteoconductive and nontoxic.
The deficiencies in commonly used calcium-based bone void fillers and cements can lead to a low surgery success rate. As a result, the industry spends millions of dollars annually on research and development in an attempt to invent better calcium-based products, or better-reinforcing metallic devices. These include nails, pins, plates and screws, many of which are not bioabsorbable. OsteoCrete, along with other ingredients, provides significant compressive strength and possesses pH-neutral qualities that make it ideal as a delivery system for possible future applications.
"We are ready to continually develop and introduce new products using our OsteoCrete platform to expand our presence in the market," says Thomas Lally, BSI chairman and CTO.
About Bone Solutions Inc.
Bone Solutions Inc. ('BSI') (www.bonesolutionsinc.com) is an orthobiologics company with a vision to provide orthopedic surgeons a means to improve clinical outcomes in a number of complex procedures while lowering costs. The company is revolutionizing a new solution for orthopedic surgeons for human uses with their FDA-approved magnesium-based platform designed to attach bone to bone, as well as ligaments and tendons to bone.
Bone Solutions Inc.:
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SOURCE Bone Solutions, Inc.