Healthcare Industry News: cervical spine
News Release - April 6, 2009
Cerapedics Closes $15 Million Series B FinancingNew Capital to Fund OUS Sales Growth and Ongoing Clinical Trials of Its i-FACTOR™ Peptide Enhanced Bone Graft Platform for Spine, Trauma and Orthopedic Applications
WESTMINSTER, Colo.--(HSMN NewsFeed)--Cerapedics, Inc., a privately held medical device company focused on developing and commercializing novel osteobiologic products based on its proprietary small peptide attachment factor technology platform, recently completed a round of private equity financing totaling $15 million. NGN Capital led the round and was joined by sole Series A investor OrbiMed Advisors. In addition, NGN Capital’s Kenneth Abramowitz and OrbiMed Advisors’ Chau Khuong have joined the Board of Directors.
The Series B financing will be used to accelerate the company’s investment in sales and marketing to meet the demand for i-FACTOR products outside the United States as well as continue to fund ongoing FDA clinical trials in the USA for spinal applications and other indications of i-FACTOR technologies under development.
“We are gratified with the response we received from the financial community given the extremely challenging environment. It is a direct reflection of the merits of the clinically tested i-FACTOR product portfolio,” said Paul Mraz, Cerapedics’ Chief Executive Officer. “Cerapedics is well-positioned to secure its future as a key player in the nearly $2 billion osteobiologics marketplace across spine, trauma and orthopedic reconstruction worldwide.”
Andy Handwerker, Chief Operating Officer at Cerapedics commented: “This is a solid validation of our position to be perhaps the second PMA approved osteobiologic product to address the spine market and the first to be indicated for use in the cervical spine. Along with the CE Mark we received last year, the proceeds from this financing will also allow us to grow sales strategically outside the United States while gathering data from numerous clinical studies for a variety of indications.”
About Cerapedics, Inc.
Cerapedics is a privately held medical device company focused on developing and commercializing novel osteobiologic products based on its proprietary small peptide attachment factor technology platform. i-FACTOR bone graft is the only orthopedic bone graft substitute that combines a unique anorganic bone mineral (ABM) and small peptide (P-15™) to act as an attachment factor for specific integrins on osteogenic cells. This novel mechanism of action enhances the body’s natural bone healing process resulting in safe, predictable bone formation at a lower cost than conventional growth factors.
Cerapedics – Enhancing the Science of Bone Repair™. More information can be found at www.cerapedics.com or by contacting Paul Mraz at 303-974-6281.
About NGN Capital
NGN Capital is a global healthcare venture capital investment firm that has investment capabilities across all the major segments in healthcare, including pharmaceuticals, biopharmaceuticals, medical devices, diagnostics and healthcare services. NGN Capital is comprised of a professional team and advisors with exceptional investment and management backgrounds in healthcare and venture capital from leading institutions on a global basis. NGN has offices in New York City; Greenwich, CT and Heidelberg, Germany. More information can be found at www.ngncapital.com.
About OrbiMed Advisors, LLC
OrbiMed Advisors is the world's largest healthcare-dedicated investment firm. OrbiMed has been active in private equity since 1993 and invests across the entire spectrum of pharmaceutical, biotechnology and medical device companies on a worldwide basis. OrbiMed's investment team includes over 40 experienced professionals with offices in New York City, Shanghai and Mumbai. For more information, visit www.orbimed.com.
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