MTF buys 51% of Bone Biologics, Inc.
Bone Biologics, Inc. announced today it had received another round of investment for preferred shares from the Musculoskeletal Transplant Foundation (MTF). MTF now owns 51% of Bone Biologics. As part of the financing, MTF also provided a line of credit to fund continuing operations. This financial support continues the investments by MTF that have allowed Bone Biologics, Inc. to progress from research through development of the NELL-1 protein sequence UCB-1 to the current culmination of:
- Therapeutic validation in non-human primate trials
- Economic manufacturing of cGMP grade product
- Patent protected portfolio of claims
The platform technology will be subject to the FDA review and approval process, including clinical trials. It is not currently approved for use in humans.
Additionally, Mark Spilker, PhD, MTF’s Vice President, Research & Development, has been elected to the Bone Biologics, Inc. Board of Directors. Over his career, Dr. Spilker has been responsible for leading development and program management teams in the areas of tissue-engineered biologics, electro-mechanical devices, and electronics. He has launched many new products and served as a company resource for best practices in product development and design controls.
Bruce A. Hazuka, President and CEO of Bone Biologics, Inc. said, “We very much appreciate the continued support of MTF and believe that the experience of Mark Spilker will add expertise to our research, development, and ultimate commercialization of our unique UCB-1 protein.”