Wednesday December 12, 2012 0 comments
WESTMINSTER - Cerapedics Inc. today announced it has completed a Series C round of private equity financing totaling $19 million.
The new round was led by new investors Medimmune Ventures and CVF LLC, an affiliate of Henry Crown and Company, with existing investors OrbiMed Advisors and NGN Capital also participating.
Sam Wu, managing director of Medimmune Ventures, joined Cerapedics' board of directors as part of the transaction.
Proceeds from the financing will be used to support the company's ongoing work with its Investigational Device Exemption clinical trial in the U.S. studying its i-FACTOR peptide enhanced bone graft for cervical spine applications and prepare for commercialization after FDA approval, Cerapedics said.
The money will also be used to allow Cerapedics to accelerate the development of next-generation products and continue investments in sales and marketing to meet demand for the i-FACTOR bone graft outside the U.S.
"We are grateful with the response received from the financial community given the challenging economic environment present industry-wide," said Paul Mraz, Cerapedics president and CEO.
"Cerapedics is well-positioned to become a key player in the nearly $2 billion osteobiologics marketplace across spine, trauma and orthopedic reconstruction worldwide."
For more information, visit www.cerapedics.com.