GOSSELIES, Belgium--(BUSINESS WIRE)--Regulatory News:
BONE THERAPEUTICS (Brussels:BOTHE) (Paris:BOTHE), the bone cell therapy company addressing high unmet medical needs in the field of bone fracture repair and bone fracture prevention, today announces it has been granted an additional EUR 2 million in non-dilutive funding1 to support its research programs. The funding comes from the Walloon Region by decision of the Minister for Economy, Industry, Innovation and New technologies, Mr Jean-Claude Marcourt, bringing the total of non-dilutive funding to EUR 5 million for the full year 2015.
Enrico Bastianelli, Chief Executive Officer of Bone Therapeutics, commented: “We are grateful to the Walloon Region, and more specifically to the Minister for Economy Mr Jean-Claude Marcourt, for its continued support of the Company. During 2015 we were granted a total of over EUR 5 million in non-dilutive funding, an amount equalling 13.5% of our IPO proceeds. This will significantly boost our research and consequently the potential of our products.”
The extra funding will be used to further investigate the mode-of-action of Bone Therapeutics’ allogeneic bone cell therapy product ALLOB®. The research conducted during this two-year project will help understand the impact of proteins produced by ALLOB® on bone reconstruction. This will allow the Company to gather additional supportive information for the ongoing proof-of-concept studies with ALLOB® in the treatment of delayed-union fractures and in spinal fusion.
1. The non-dilutive funding is granted under the form of ‘avances récupérables’ to support specific research and development programs. Under the applicable conditions, the funding is reimbursable over the economic life of the project. Thirty per cent is refundable based on a fixed reimbursement schedule, while the balance is refunded under the form of royalties over the same period.
About Bone Therapeutics
Bone Therapeutics is a leading biotechnology company specializing in the development of cell therapy products intended for bone fracture repair and fracture prevention. The current standard-of-care in this field involves major surgeries and long recovery periods. To overcome these problems, Bone Therapeutics is developing a range of innovative regenerative products containing osteoblastic/bone-forming cells, administrable via a minimally invasive percutaneous technique; a unique proposition in the market.
PREOB®, Bone Therapeutics’ autologous bone cell product, is currently in pivotal Phase IIB/III clinical studies for two indications: osteonecrosis and non-union fractures, and in Phase II for severe osteoporosis. ALLOB®, its allogeneic “off-the-shelf” bone cell product, is in Phase I/IIA for the treatment of delayed-union fractures and lumbar fusion for degenerative disease of the spine. The Company also runs preclinical research programs and develops novel product candidates.
Founded in 2006, Bone Therapeutics is headquartered in Gosselies (South of Brussels, Belgium). Bone Therapeutics’ regenerative products are manufactured to the highest GMP standards and are protected by a rich IP estate covering 11 patent families. Further information is available at www.bonetherapeutics.com.
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company or, as appropriate, the Company directors’ current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.