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Orbimed rewards Bacterin International’s graft with $25m financing

28 Aug 2012

Health-focused venture investor OrbiMed Advisors has closed a $25m financing round for bone graft developer Bacterin International.

Bacterin will initially receive $20m with the ability to draw down another $5m if it hits certain revenue objectives.

The company said it received net proceeds of about $10m after repaying existing debt, transactions fees and expenses, and will use the cash as general working capital.

OrbiMed managing director Tadd Wessel said, “We are very pleased to partner with Bacterin and offer a non-dilutive capital solution to help the company execute its growth strategy.

“Bacterin has made substantial progress with the commercialization of their biologics platform and we look forward to working with Guy and his team to help the company achieve its full potential,” added Matthew Rizzo, who is also a managing director in the firm’s Royalty Opportunities team.

Bacterin CEO and chairman Guy Cook said, “Today’s funding marks an important milestone for the Company as we entered into a financing agreement with OrbiMed.

“With this financing, we don’t anticipate the need for additional working capital in our pursuit of achieving profitability.

“OrbiMed’s recognition of Bacterin’s unique technology and strong growth profile enabled us to secure this non-dilutive financing option.

“The future and long-term opportunity for Bacterin products, in multi-billion dollar addressable markets, is today stronger than ever.”

Earlier this month Orbimed led a $30m financing round for liver disease therapy provider Intercept Pharmaceuticals.

Existing investor Genextra also took part in the funding round, which saw Orbimed’s Jonathan Silverstein and Klaus Veitinger join the board of directors.

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