Belgian Firm Raises €19M to Fix Spinal Fusion with Cell Therapy
Bone Therapeutics has raised €19.5M through a private placement that will fund the completion of clinical trials testing its cell therapy for spinal fusion and other bone diseases.
Based in Groselies, Belgium, Bone Therapeutics wants to use cell therapy to help people with bone injuries or diseases regenerate healthy bone. In order to complete its ongoing clinical trials, the company has issued convertible bonds and raised a total of €19.45M, which it expects will cover its needs until late 2019.
Bone Therapeutics plans to use the funds to finalize two clinical trials testing its ALLOB technology, which uses donor bone marrow cells. One is a Phase IIa trial for lumbar spinal fusion and the other a Phase I/IIa study for delayed union. The funds will also cover the scaling up of the therapy’s manufacturing, as well as the continuation of a Phase III trial in osteonecrosis using PREOB, a cell therapy derived from donor bone marrow.
Current treatment options for these conditions leave a large percentage of patients that do not heal properly and suffer from chronic pain. Bone Therapeutics might finally bring some long-awaited innovation that can make a difference to these patients.
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