Financing will be used to grow CERAMENT™ platform and expand market penetration
LUND, Sweden, April 15, 2015 /PRNewswire/ -- BONESUPPORT, an emerging leader in injectable bone substitutes for orthopedic trauma, bone infections and instrument augmentation related to orthopedic surgery, today announced that it has closed a $14 million round of funding. The round was led by a new investment from a major Scandinavian Pension Fund, with additional participation from existing investors. The funds will be used to continue to grow global sales and marketing and accelerate expansion of the CERAMENT™ platform, especially as it relates to new drug delivery products and market opportunities.
"The drug eluting properties of CERAMENT™ has the potential to change the standard of care in the management of bone infections and joint replacement surgery," said Lloyd Diamond, CEO of BONESUPPORT. "We are uniquely positioned to address an unmet clinical need and this additional funding will help us quickly expand our product offerings and accelerate market penetration."
BONESUPPORT's flagship offering is CERAMENT™, a synthetic bone substitute clinically proven to remodel into bone within 6-12 months. The global bone graft and substitutes market is valued at $2.1 billion. CERAMENT™|G is the first CE-marked injectable gentamicin antibiotic eluting bone graft substitute indicated to promote and protect bone healing in the management of osteomyelitis. Osteomyelitis (bone infection) represents a $1.7 billion market. Emerging prosthetic infections, diabetic foot ulcers, war injuries, high-energy trauma and sports injuries, combined with an increasing resistance to antibiotics; fuel the need for more effective therapeutic solutions.
"We are excited that a new cross-over investor from one of the largest Scandinavian pension funds was a major investor in this round. They have high confidence that BONESUPPORT's proprietary drug eluting technology will create unprecedented new opportunities in the management of bone infections caused by disease, trauma or revision surgery," said Mr. Diamond.
"We have a truly disruptive technology with CERAMENT™. Our aim is to open a whole new way of delivering medicines that have the potential to transform outcomes," said Oern R. Stuge, M.D., Executive Chairman of BONESUPPORT. "Today's announcement represents a significant vote of confidence in the CERAMENT™ platform by our new as well as by our long-terms investors."
BONESUPPORT is an emerging leader of injectable bone graft substitutes for orthopedic trauma focusing on bone infection, instrument augmentation and spinal applications. CERAMENT™ is an injectable, synthetic bone substitute that mimics the properties of cancellous bone, allows for controlled resorption to support future bone ingrowth and is injectable under local anesthesia for minimally invasive surgery. CERAMENT's unique biologic properties deliver a consistent, pre-packed and ready-to-use formulation to facilitate optimal delivery. CERAMENT™|G is the first CE-marked injectable gentamicin antibiotic eluting ceramic bone graft substitute. CERAMENT™|G is indicated to promote and protect bone healing in the management of osteomyelitis, (bone infections) in CE marked countries. CERAMENT™|G is not available in the United States.
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. Over forty-five pre-clinical, clinical and animal studies have been conducted and more than 9,000 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.
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