Swedish startup BoneSupport raised $37 million in a round of equity and debt financing it says it will use to support its Cerament platform, which is a drug-eluting, synthetic bone substitute.
The round of fundraising was led by Tellacq AB and joined by existing shareholders, including HealthCap, Lundbeckfond Ventures, Industrifonden, AP3 and Carl Westin, with the debt round being supported by Kreos Capital, the company said.
Specifically, the money will be used to support sales of its Cerament BVF, G and V in existing and new markets, as well as to fund clinical trials of the products and to develop pipeline drug-eluting products.
Additionally, Dr. Håkan Björklund of Tellacq will become chairman of the board of BoneSupport.
“With our sales on a strong growth trajectory, an increasing body of compelling clinical data and a drug eluting platform that will allow us to develop a pipeline of novel products to treat a broad range of bone diseases, Bonesupport can look to the future with great confidence,” Richard Davies, BoneSupport’s CEO, said in a statement.
In data released last month, Bonesupport said the prospective trial of its Cerament G injectable antibiotic-eluting bone substitute posted a 96% infection eradication rate in patients treated with the substitute. Cerament G is an osteoconductive, ceramic substance designed to promote bone healing while preventing bone infection, or osteomyelitis.
The synthetic bone substitute is injected under local anesthesia. It's designed to mimic the properties of cancellous bone, also known as spongy bone, which is a type of tissue found at the end of long bones, in pelvic bones, ribs, skull and spinal vertebrae. It's very porous and is typically weaker than cortical bone, which makes up the shaft of long bones.
BoneSupport raised $14 million in a financing round in April 2015.