Belgrade, Montana-based Bacterin International Holdings Inc has closed additional funding in the amount of $4 million from healthcare-focused investment firm OrbiMed, a statement about the funding said.
In connection with the deal, Bacterin will be issuing an affiliate of OrbiMed with 1.5 million shares of common stock. The latest proceeds will also be covered under the same agreement as the short term loan of $20 million that was given to Bacterin in August 2012. The funds will be deployed by the biologics products maker for its working capital and general business purposes, the statement said.
Bacterin International President and Chief Executive Officer Dan Goldberger said in the statement, "This financing is important for Bacterin and its shareholders. We now have the capital that allows us to continue to develop the strategic sales initiatives implemented when I came on as CEO in August. By securing financing through OrbiMed, we have further strengthened our relationship with a key stakeholder that continues to believe in Bacterin's products and our management team's ability to drive this company."
Bacterin International provides domestic and international markets with biological products. Its products promote the "growth factors in human allografts" so that bone growth, subchondral repair and dermal growth are facilitated. The company's products have applications in improving fusion in spine surgery, back pain relief and encouraging bone growth after foot and ankle surgery. It is also used to promote cranial healing after a neurosurgical operation as well as paving the way for subchondral repair following joint surgeries, the statement said.
OrbiMed holds $10 billion in assets under management. With New York as its home base, OrbiMed looks for investments in healthcare across a wide range of firms, from venture-backed startups to big multinational firms. A global investor, OrbiMed also has offices in San Francisco, Shanghai, Mumbai and Herzliya, the statement said.
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