OSTEOBIOLOGICS, INC. CLOSES $9.2 MILLION FINANCING
SAN ANTONIO, TX, October 3, 2003 –
OsteoBiologics, Inc. (“OBI”) announced that it has successfully closed a
$9.2 million round of private equity financing led by Thomas, McNerney &
Partners and The Vertical Group. The funds will be used to
launch and commercialize OBI’s proprietary products for bone and
cartilage repair in arthroscopy and sports medicine, as well as for
research and development and working capital.
In July, OBI received FDA clearance to market and distribute a
composite bone void filler device called PolyGraft ä Bone Graft
Substitute (BGS). The porous PolyGraft™ BGS product is
composed of a patented blend of polylactide-co-glycolide, calcium
sulfate and polyglycolide fibers, making it the first polymeric bone
void filler to be cleared by the FDA. The PolyGraft™ product
family includes granules, cubes, blocks and preformed cylinders and is
indicated to be used to fill bony voids or gaps caused by trauma or
surgery that are not intrinsic to the stability of the bony structure.
Fred Dinger, President and CEO of OBI, stated “We are pleased to have
Thomas, McNerney & Partners and The Vertical Group as investors in OBI.
They contribute significant medical device experience and knowledge that
will be integral to our future success.” Mr. James Thomas of
Thomas, McNerney & Partners and Mr. Richard Emmitt of The Vertical Group
have joined the OBI Board of Directors. Thomas, McNerney &
Partners is a health care private equity firm that invests in life
science and medical technology companies at all stages of development.
The Vertical Group is a venture capital firm specializing in the medical
device and instrumentation industry.
About OsteoBiologics, Inc.
OBI, located in San Antonio, Texas, is a
private company that develops and manufactures bioabsorbable polymeric
scaffolds, films, and related instrumentation for the evaluation, repair
and replacement of bone and articular cartilage. Its
products are based on proprietary and patented technologies covered by
30 U.S. and foreign patents issued or allowed, and more than 30 U.S. and
foreign patents pending or in prosecution.
Certain statements made in this press
release are forward looking statements as such term is defined in the
Private Securities litigation Reform Act of 1995.
For More Information Contact
Fred B. Dinger, III
President & CEO