Publication date: 18/12/2017
Bone Therapeutics (Euronext Brussels and Paris: BOTHE), the bone cell therapy company addressing high unmet medical needs in orthopaedics and bone diseases (the "Company"), announces that it has cancelled its private placement to raise funds via an accelerated bookbuild offering (the “Offering”) despite strong investor interest.
Pharmstandard International S.A., a fully owned subsidiary of Pharmstandard, JSC and the investment arm of a group of companies which includes Cellthera Pharm LLC had publicly expressed its intention to participate in the Offering. However, this intention was unexpectedly withdrawn at short notice. As the Company had previously announced the intention of Pharmstandard International S.A. to participate, the terms of the transaction as communicated by the Company are no longer valid. As a consequence, the Company has also decided to cease discussions with Cellthera Pharm LLC with regards to a potential collaboration.
Bone Therapeutics is encouraged by the level of interest in the Offering with both existing shareholders and international and local new investors.
The Company remains focused on meeting its financial needs in order to achieve its strategic goals.
Bone Therapeutics is a leading cell therapy company addressing high unmet needs in orthopaedics and bone diseases. Based in Gosselies, Belgium, the Company has a broad, diversified portfolio of bone cell therapy products in clinical development across a number of disease areas targeting markets with large unmet medical needs and limited innovation.
Our technology is based on a unique, proprietary approach to bone regeneration which turns undifferentiated stem cells into “osteoblastic”, or bone-forming cells. These cells can be administered via a minimally invasive procedure, avoiding the need for invasive surgery.
Our primary clinical focus is ALLOB®, an allogeneic “off-the-shelf” cell therapy product derived from stem cells of healthy donors, which is in Phase II studies for the treatment of delayed-union fractures and spinal fusion. The Company also has an autologous bone cell therapy product, PREOB®, obtained from patient’s own bone marrow and currently in Phase III development for osteonecrosis of the hip.
Bone Therapeutics’ cell therapy products are manufactured to the highest GMP standards and are protected by a rich IP estate covering nine patent families. Further information is available at: www.bonetherapeutics.com.