|[December 12, 2012]
Cerapedics Secures $19 Million Series C Financing
WESTMINSTER, Colo. --(Business Wire)--
Cerapedics, Inc. announced that it recently completed a Series C round
of private equity financing totaling $19 million led by new investors
MedImmune Ventures and CVF, LLC, an affiliate of Henry Crown and
Company. Existing investors including OrbiMed Advisors and NGN Capital
also participated. In conjunction with the financing, Sam Wu, M.D.,
Ph.D., Managing Director of MedImmune Ventures, joined the Board of
Proceeds will be used to support the company's ongoing activities with
its current Investigational Device Exemption (IDE) clinical trial in the
United States studying its i-FACTOR™ peptide enhanced bone graft for
cervical spine applications and prepare for commercialization upon FDA
approval. The proceeds will also allow Cerapedics to accelerate the
development of next generation products and continue investments in
sales and marketing to meet demand for the company's i-FACTOR bone graft
outside the United States.
"We are gratified with the response received from the financial
community given the challenging economic environment present
industry-wide. It is a direct reflection of the merits of the clinically
tested i-FACTOR product portfolio and the team we have put in place
globally," said Paul Mraz, Cerapedics' President and Chief Executive
Officer. "Cerapedics is well-positioned to become a key player in the
nearly $2 billion osteobiologics marketplace across spine, trauma and
orthopedic reconstruction worldwide."
Andy Handwerker, Chief Operating Officer at Cerapedics commented: "This
financing is solid validation of our proposition to be the second
premarket approval (PMA) designated osteobiologic product to address the
spine market in the United States and the first to be indicated for use
in the cervical spine. Proceeds from this financing will allow
Cerapedics to continue to grow sales strategically outside the USA and
gather long-term follow-up data from numerous clinical studies for a
variety of bone repair indications."
Cerapedics also announced that the company earlier received agreement
from the U.S. Food and Drug Administration (FDA) to proceed with a PMA
modular submission for its ongoing IDE clinical trial studying i-FACTOR
peptide enhanced bone graft in cervical sine fusion and has commenced
About Cerapedics, Inc.
Cerapedics, a 2012 Colorado Companies to Watch (COCTW) winner, is
a privately held medical device company focused on developing and
commercializing novel osteobiologic products based on its proprietary
anorganic bone mineral (ABM) and synthetic small peptide (P-15™)
technology platform for use in a wide variety of spine, trauma and
orthopedic surgical procedures. i-FACTOR™ bone graft is the only
biologic bone graft that utilizes a synthetic small peptide as an
attachment factor intended to stimulate the natural bone healing process
resulting in safe, predictable bone formation at a fraction of the cost
of growth factors.
Cerapedics' i-FACTOR bone graft received CE Mark in 2008 and has been
utilized clinically in nearly 10,000 spine, trauma, and orthopedic
surgeries worldwide. Currently, i-FACTOR bone graft is commercially
available in both Putty and Flex (flexible strip) forms in over 25
countries outside the United States. i-FACTOR bone graft is currently
being evaluated in the United States (FDA) as part of an Investigational
Device Exemption (IDE) clinical trial in the cervical spine.
CAUTION: i-FACTOR™ bone graft is not commercially available in
the USA. In the USA i-FACTOR bone graft is an investigational
device limited by Federal Law (USA) to investigational use only.
More information can be found at www.cerapedics.com.
About MedImmune Ventures
MedImmune Ventures, a wholly owned global venture capital fund within
the AstraZeneca Group, invests in private companies developing small and
large molecule therapeutics, pharmaceutical technologies and platforms,
medical devices and diagnostics, and imaging and healthcare information
technology. MedImmune Ventures' invests across all therapeutic areas, in
companies with early to late stage technologies, from seed through
mezzanine rounds of financing. With $400 million under management in an
evergreen fund, MedImmune Ventures has invested in over 30 companies
since 2002. For more information, see www.medimmuneventures.com.
About NGN Capital
NGN Capital is a global healthcare venture capital investment firm that
has investment capabilities across all the major segments in healthcare,
including pharmaceuticals, biopharmaceuticals, medical devices,
diagnostics and healthcare services. NGN Capital is comprised of a
professional team and advisors with exceptional investment and
management backgrounds in healthcare and venture capital from leading
institutions on a global basis. NGN has offices in New York City;
Greenwich, CT and Heidelberg, Germany. More information can be found at www.ngncapital.com.
About OrbiMed Advisors
OrbiMed Advisors is the world's largest healthcare-dedicated investment
firm. OrbiMed has been active in private equity since 1993 and invests
across the entire spectrum of pharmaceutical, biotechnology and medical
device companies on a worldwide basis. OrbiMed's investment team
includes over 60 experienced professionals with offices in New York
City, Israel, Shanghai and Mumbai. For more information, visit www.orbimed.com.
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