Bacterin International, Inc. (Bacterin), a developer of biological scaffolds for orthopedic indications, today announced the completion of a $3 million private placement of Secured Convertible Promissory Notes led by Middlebury Securities, LLC.
Proceeds from the raise will be used to repay approximately $800,000 of existing debt and the remainder will be used to expand the Company's sales and marketing effort and general working capital purposes.
Commenting on the successful capital raise, Guy Cook, Bacterin's founder and CEO, said, "We are very pleased with the investor reception of our business model. Over the last nine years, Bacterin's team of highly experienced professionals have worked diligently developing and perfecting its technology and creating a facility that would position the company to effectively market and deliver innovative products to the orthopedics industry. Our OsteoSponge® product, made from demineralized cancellous bone and optimized to preserve bone morphogenetic proteins, provides surgeons with an osteoinductive scaffold that is highly economical with superior handling and wicking properties."
Mr. Cook continued, "The additional capital raised by Middlebury Securities will enable Bacterin to expand its sales effort at a time when the medical industry is eager for efficacious products that are cost-effective. The investor base the Middlebury Group introduced to our company is comprised of seasoned investors who recognize the potential for Bacterin's proprietary technology. We look forward to our relationship with these new investors and Middlebury, while we focus on delivering results."
SOURCE Bacterin International, Inc.