Cerapedics said late last week it closed a $22 million round of financing and added three new members to its board of directors
The funding round was led by family investment fund KCK Group, the Westminster, Colo.-based company said, and will help support the company’s bone graft products.
“We are pleased to announce that we have successfully completed an equity financing that will continue to accelerate the commercial release of i-Factor Peptide enhanced bone graft and support the execution of a second Level I investigational device exemption human clinical study that will broaden our market indication in the $2 billion U.S. spinal market. This year we have exceeded our own expectations regarding year over year revenue growth and have significantly expanded our user base as surgeons continue to express a high level of satisfaction with clinical results that support the safety and efficacy of our product. We also understand the value of Level I human clinical data and are committed to investing and expanding our indications. We are fortunate to be supported by KCK Group, a partner that shares in the long-term vision that differentiated products that provide safety, efficacy and economic value, supported by human clinical results, will ultimately provide the highest value to surgeons and their patients,” CEO Glen Kashuba said in a press release.
In addition to the round, Cerapedics said it added KCK group medical tech division managing director Valeska Schroeder, KCK medical tech division head Greg Garfield and KCK investment partner Nael Kassar.
“Cerapedics is well-positioned for strong growth with Level I data establishing i-Factor’s superiority and with a dedicated team that has deep experience in orthobiologics and spinal fusion. This financing will allow Cerapedics to further invest to increase physician access to i-Factor and to build clinical evidence for new indications,” Dr. Schroeder said in a prepared statement.
In March, Cerapedics said it won FDA investigational device exemption approval to launch a clinical trial examining the safety and efficacy of its P-15L Peptide Enhanced bone graft.
