Bone Therapeutics bags €11m

Regenerative medicine specialist Bone Therapeutics said it will use the proceeds of €11m to advance two key assets of its allogeneic cell therapy platform, ALLOB and JTA-004, which have both completed Phase IIa tests. The financing operation consists of €4.75m bridge loans, which are still subject to obtaining a credit assurance, €1,26m in equity private placement by existing shareholders and, on an as-needed basis, a €4.99m private placement of convertible bonds (CBs).

We are delighted by the continued support from our current and reference shareholders, including SFPI and S.R.I.W., said Jean-Luc Vandebroek, Chief Financial Officer of Bone Therapeutics. The present fundraise allows us to retrieve funds on an as-needed basis rather than an immediate important dilution of a traditional share issuance. Conforming to our financing strategy, we will continue to explore funding options to further strengthen our cash position and to ensure a successful completion of the upcoming clinical trials.

Subject to the completion of the current financing operation, supporting the company’s further development and strengthen its balance sheet, Bone Therapeutics expects to have a runway into Q1 2021.