THOUSAND OAKS, Calif., March 10 /PRNewswire/ -- Bone Biologics, Inc. announced today it had received another round of investment for preferred shares from the Musculoskeletal Transplant Foundation (MTF). MTF now owns 51% of Bone Biologics. As part of the financing, MTF also provided a line of credit to fund continuing operations. This financial support continues the investments by MTF that have allowed Bone Biologics, Inc. to progress from research through development of the NELL-1 protein sequence UCB-1 to the current culmination of:
- Therapeutic validation in non-human primate trials
- Economic manufacturing of cGMP grade product
- Patent protected portfolio of claims
The platform technology will be subject to the FDA review and approval process, including clinical trials. It is not currently approved for use in humans.
Additionally, Mark Spilker, PhD, MTF's Vice President, Research & Development, has been elected to the Bone Biologics, Inc. Board of Directors. Over his career, Dr. Spilker has been responsible for leading development and program management teams in the areas of tissue-engineered biologics, electro-mechanical devices, and electronics. He has launched many new products and served as a company resource for best practices in product development and design controls.
He holds a Bachelor of Science degree in Mechanical Engineering from the University of Utah. He also attended Massachusetts Institute of Technology where he earned both a Master of Science and a Doctor of Philosophy in Mechanical Engineering.
Bruce A. Hazuka, President and CEO of Bone Biologics, Inc. said, "We very much appreciate the continued support of MTF and believe that the experience of Mark Spilker will add expertise to our research, development, and ultimate commercialization of our unique UCB-1 protein."
Musculoskeletal Transplant Foundation
MTF is a non-profit service organization dedicated to providing quality tissue through a commitment to excellence in education, research, recovery and care for recipients, donors and their families. In 2009, MTF distributed over 415,000 tissue grafts.
Bone Biologics, Inc.
Bone Biologics is a convergence biotechnology company focused in the orthobiologics space. The company was founded in 2004 by the research scientists who had identified and validated the product in the lab over the previous ten years. The acquisition of an exclusive worldwide license from UCLA and the both the financing and strategic support from MTF was the genesis of the development of this recombinant protein.
For information: Bruce A. Hazuka/Bone Biologics/818-324-2742
SOURCE Bone Biologics, Inc.