Cerapedics, a privately-held orthobiologics company, announced closing of a $4 million term loan from GE Capital, Healthcare Financial Services, bringing the total facility to $16.5 million. The company also announced it recently raised an additional $4 million in equity financing from inside investors.
The funds will be used to advance the development of i-FACTOR™ biologic bone graft for which Cerapedics filed a Premarket Approval Application (PMA) with the U.S. Food & Drug Administration in September 2014. The company also plans to expand commercialization in markets outside the U.S.
"Our proprietary synthetic small peptide (P-15) technology met all four pre-specified primary endpoints in a pivotal clinical trial in anterior cervical discectomy and fusion (ACDF) procedures," said Glen Kashuba, CEO of Cerapedics. "This latest round of financing will help support our efforts to complete the PMA review process. If approved, i-FACTOR™ biologic bone graft would become the first cervical orthobiologic available in the U.S. market."
Cerapedics is an orthobiologics company focused on developing and commercializing its proprietary synthetic small peptide (P-15) technology platform.