Regenerative orthobiologic company Bone Biologics said it recently closed a $5.75 million round joined by the Musculoskeletal Transplant Foundation, Orthofix (NSDQ:OFIX) and Hankey Capital to support development of its bone graft substitute.
Boston-based Bone Biologics is developing Nell-1, a bone growth factor designed to be an alternative to other bone growth factors used in surgical procedures such as spinal fusions.
“We are pleased with the completion of this round of funding in a challenging investment environment which will allow the company to further execute on its development strategy. The confidence that these equity investors continue to show in our technology platform, the management team and the professional partners we have assembled is encouraging,” CEO Steve La Neve said in a press release.
The company is undertaking “groundbreaking work” with its founders and select strategic partners to build on previous research related to its Nell-1 molecule.
“We are truly gratified that funding has been secured to aggressively develop Nell-1 and drive hard against the company’s pre-clinical and ultimately, clinical strategies,” board chair Bruce Stroever said in prepared remarks.
“We are delighted with the opportunity to enable Bone Biologics to advance the science and progress to the next phase of its business plan,” Hankey Capital chair Don Hankey said in a prepared statement.
Last August, Bone Biologics said it named medtech veteran Stephen La Neve to be its new CEO, replacing interim chief Michael Schuler, and tapped Jeffrey Frelick to be its COO.
