Bone Biologics (OTCQB: BBLG), a Burlington, MA-based developer of orthobiologic products for domestic and international spine fusion markets, completed a $5.9m funding.
This included $3.9m in equity and a $2m credit facility.
Proceeds will be used for working capital, protein development, animal testing, regulatory and clinical expenses, as well as for other purposes not presently contemplated herein but which are related directly to growing the company’s current business, research and development activities and the repayment of a secured promissory note in the principal amount of $600,000.
Bone Biologics is currently focusing its development efforts for its bone graft substitute product on bone regeneration in spinal fusion and has rights to trauma and osteoporosis applications. Nell-1 is a recombinant human protein growth factor that is essential for normal bone development.
The company Bone Biologics trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies.