Cerapedics raises $19M in Series C round

December 12, 2012 by MassDevice staff

Medical device company Cerapedics raises $19 million in a Series C funding round for its cervical spine bone graft technology.

Cerapedics

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.

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"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."

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