Bonesupport Raises $37m in Financing
Bonesupport announced raising $37 million (SEK 327 million) to Drive Product Sales and Deliver Further Value from CERAMENT™ Injectable Drug Eluting Bioceramic Platform
The money is a combination of debt and equity. The equity was raised in a round led by Tellacq AB with participation from major shareholders including HealthCap, Lundbeckfond Ventures, Industrifonden, AP3 (The Third Swedish National Pension Fund) and Carl Westin.
The debt comes from Kreos Capital.
Dr. Håkan Björklund of Tellacq AB will be joining the Bonesupport Board as Chairman in conjunction with the fund raising, subject to shareholder approval.
Richard Davies, CEO of Bonesupport:
“I am delighted that we have been able to complete this new financing to help us to execute our strategy to deliver the significant potential of our unique CERAMENT drug eluting osteoconductive/osteoinductive bioceramic platform. I am also pleased that the equity element reflects the significant progress that we have made during the course of 2016. With our sales on a strong growth trajectory, an increasing body of compelling clinical data and a drug eluting platform that will allow us to develop a pipeline of novel products to treat a broad range of bone diseases, BONESUPPORT can look to the future with great confidence.”
The new funds will be used to support the execution of BONESUPPORT’s strategy to deliver significant shareholder value, focused on driving the sales in existing and new markets, generating further clinical data t and building the Company’s product pipeline