BioSET seals $11m financing:
This article was originally published in Clinica
BioSurface Engineering Technologies (BioSET), a developer of synthetic peptide growth factors for advanced tissue repair, has completed an $11m financing round. The company intends to use the funds to commence human clinical trials of its synthetic B2A growth factor product for spine fusion, and to advance pre-clinical development of further products. The financing was led by PTV Sciences and included the participation of new investors Westfield Capital and Heron Capital, and existing shareholders Vertical Group, EDF Ventures MB Ventures and New Markets Growth Fund. According to industry analysts, the US market for growth factor-based bone graft products was more than $650m in 2006, with an annual growth rate of 33%. The estimated bone substitute materials market in 2006 is approximately $1.4bn.