Cerapedics said it closed a Series C equity round worth $19 million, led by new investors MedImmune Ventures and CVF LLC, an affiliate of Henry Crown & Co.
Existing backers OrbiMed Advisors and NGN Capital also participated, according to a press release.
Cerapedics said it plans to spend the proceeds on the investigation device exemption trial of its i-Factor peptide-enhanced bone graft technology, which is designed to treat problems in the cervical spine "and prepare for commercialization upon FDA approval," according to the release.
"The proceeds will also allow Cerapedics to accelerate the development of next-generation products and continue investments in sales and marketing to meet demand for the company’s i-Factor bone graft outside the United States," the Westminster, Colo.-based company said.
"We are gratified with the response received from the financial community given the challenging economic environment present industry-wide. It is a direct reflection of the merits of the clinically tested i-Factor product portfolio and the team we have put in place globally," president & CEO Paul Mraz said in prepared remarks. "Cerapedics is well-positioned to become a key player in the nearly $2 billion osteobiologics marketplace across spine, trauma and orthopedic reconstruction worldwide."
Cerapedics also said the FDA) gave the green light to a modular pre-market approval submission for the IDE behind i-Factor "and has commenced that process."
As part of the funding round, MedImmune managing director Dr. Sam Wu joined Cerapedics’s board of directors.