Bonesupport Banks In More Cash, Pharma Expertise For Bioceramic Bone
Bone substitute materials specialist Bonesupport has strengthened its cash position with an influx of new capital, as well as installed a new chairman to strengthen its pharma know-how as it seeks to grow its drug-eluting bone scaffold business.
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Swedish orthobiologics company Bonesupport is seeking to raise SEK500m ($45m) by floating its shares publicly for the first time on the Nasdaq Stockholm stock exchange. Proceeds from the IPO will go towards advancing sales of its existing bone substitute products and conducting a major study to gain US approval of antibiotic-eluting bone filler Cerament G.
Bonesupport has appointed a new general manager to oversee sales in North America as it steps up commercial efforts of its Cerament bone void filler platform.
The final quarter of 2016 has not got off to a good start with venture capital funding levels hitting an all-year low in October. Chances of a last-minute turnaround looks increasingly unlikely.