Swedish IPO raises €51M for Biomaterials to Repair Bone
Bonesupport has gone public in the Swedish stock market to push its pipeline and increase sales of biomaterials to regenerate bone tissue.
Bonesupport is a company based in Lund, Sweden, that develops biomaterials to improve and speed up the repair of bones. The firm IPO’d today on the Nasdaq Stockholm, raising an impressive €51M with the participation of well-known European life sciences investors HealthCap and Lundbeckfond Invest. HealthCap will now be Bonesupport’s largest shareholder with a 13.5% stake in the company.
The funds raised are aimed at stepping up sales, conducting additional clinical studies on the company’s products and investing in the development of new candidates to promote bone growth. Bonesupport’s cerament technology is used to repair lesions and to replace tissue removed in tumor surgery. The biomaterial repairs bone tissue within 12 months and can be also used to deliver drugs, such as vancomycin or gentamicin. The antibiotics are released over time to treat patients with bone infections caused by multi-resistant bacteria.
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