Osborne Clarke in Belgium has assisted Bone Therapeutics, the bone cell therapy company addressing high unmet medical needs in orthopaedics and bone diseases, in concluding a €15 million fundraising composed of (i) € 4.75 million bridge loans provided by commercial banks and Sambrinvest, covered by a credit assurance of Sowalfin, (ii) €1.26 million equity by existing shareholders, (iii) €4.99 million of convertible bonds to be used if and when necessary and (iv) €4 million subordinated bonds with the option to convert at a price of €7 per share. This complex financing will further extend Bone Therapeutics’ runway into Q2 2021 and will enable Bone Therapeutics to execute its clinical development strategy and to advance its promising product candidates towards commercialization and closer to patient.
Bone Therapeutics is a leading biotech company listed on Euronext Brussels and Paris focused on the development of innovative cell and biological therapies to address high unmet medical needs in orthopaedics and bone diseases. Bone Therapeutics is developing an off-the-shelf protein solution, JTA-004, which is entering Phase III development for the treatment of pain in knee osteoarthritis. Bone Therapeutics’ other core technology is based on its cutting-edge allogeneic cell therapy platform (ALLOB) which can be stored at the point of use in the hospital, and uses a unique, proprietary approach to bone regeneration, which turns undifferentiated stem cells from healthy donors into bone-forming cells. Following the CTA approval by the Belgian regulatory authority, the Company is ready to start the Phase IIb clinical trial with ALLOB in patients with difficult tibial fractures, using its optimized production process.
The team of Osborne Clarke in Belgium was led by Hadrien Chef and included David Haex, Violette Keppenne and Steven Verschuur advising on regulatory/competition issues.
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