Medical device maker OrthoFix was part of a $5.75m round that will help fund development of Bone Biologics' bone graft substitute.
US-based regenerative medicine developer Bone Biologics closed a $5.75m round on Monday backed by medical device manufacturer OrthoFix Holdings.
OrthoFix was joined in the round by non-profit organisation Musculoskeletal Transplant Foundation (MTF) and Hankey Capital, a private equity subsidiary of automotive finance lending provider Hankey Group.
Founded in 2004, Bone Biologics is working on a bone graft substitute based on its Nell-1 platform for bone regeneration in spinal fusion sufferers. The cash will go to product development.
The company received $2m from Hankey Capital in May 2015, seven months after it listed on the OTX market through a merger with publicly-listed holding company AFH Acquisition X.
MTF had previously provided Bone Biologics with an undisclosed amount of financing and held a 51% stake in it as of 2010.
