Bacterin International, Inc., a Belgrade, Montana-based developer of biological scaffolds for orthopedic indications, completed a $3m private placement of Secured Convertible Promissory Notes led by Middlebury Securities, LLC.
Proceeds from the raise will be used to repay approximately $800,000 of existing debt and the remainder will be used to expand the company’s sales and marketing effort and general working capital purposes.
Commenting on the capital raise, Guy Cook, Bacterin’s founder and CEO, was quoted as saying: “The additional capital raised by Middlebury Securities will enable Bacterin to expand its sales effort at a time when the medical industry is eager for efficacious products that are cost-effective.
“The investor base the Middlebury Group introduced to our company is comprised of seasoned investors who recognize the potential for Bacterin’s proprietary technology.
“We look forward to our relationship with these new investors and Middlebury, while we focus on delivering results”.