Cerapedics, a medical device company, has completed a round of private equity financing totaling $15m. NGN Capital led the round and was joined by sole Series A investor OrbiMed Advisors. In addition, NGN Capital’s Kenneth Abramowitz and OrbiMed Advisors’s Chau Khuong have joined the board of directors.
The Series B financing will be used to accelerate the company’s investment in sales and marketing to meet the demand for i-FACTOR products outside the US as well as continue to fund ongoing FDA clinical trials in the US for spinal applications and other indications of i-FACTOR technologies under development.
Paul Mraz, CEO at Cerapedics, said: “It is a direct reflection of the merits of the clinically tested i-FACTOR product portfolio.
“Cerapedics is well-positioned to secure its future as a key player in the nearly $2 billion osteobiologics marketplace across spine, trauma and orthopedic reconstruction worldwide.”
Andy Handwerker, COO at Cerapedics, said: This is a solid validation of our position to be perhaps the second premarket application approved osteobiologic product to address the spine market and the first to be indicated for use in the cervical spine.
Along with the CE Mark we received last year, the proceeds from this financing will also allow us to grow sales strategically outside the US while gathering data from numerous clinical studies for a variety of indications.