Bone Biologics (OTC: BBLG), a Burlington, MA-based developer of orthobiologic products for domestic and international spine fusion markets, completed a $1.4m funding round.
Backers in the funding – which represents the first round of a previously announced private placement – included Musculoskeletal Transplant Foundation and Hankey Capital, LLC.
The company will use the proceeds for working capital, protein development, laboratory and testing equipment necessary to support such development, regulatory and clinical expenses, and development work to extend the patent life of NELL-1, as well as for other purposes related directly to growing the current business, research and development activities.
Led by Stephen R. La Neve, Chief Executive Officer and President, and Jeff Frelick, Chief Operating Officer, Bone Biologics is focused on developing and marketing orthobiologic products. The proprietary platform technology is NELL-1, a recombinant human protein growth factor that is essential for normal bone development. The lead product is a NELL-1 based bone graft substitute for spine fusion, targeting the orthobiologics market, which provides specific targeted regulation over bone regeneration in the presence of targeted osteogenic cells.