CoreBone raises $3.7 million

CoreBone, a company that produces bioactive, coral-based bone graft material, announced that it has completed an investment round of $3.7 million. The Guangzhou Sino-Israel Biotech Investment Fund (“GIBF”), which focuses on introducing Israeli medical technologies to the Chinese market, invested $3 million in CoreBone’s Chinese subsidiary; The Trendlines Group and Agriline (a trust of which Vincent Tchenguiz is a discretionary beneficiary) invested $700,000. The funds will be used for extending CoreBone’s commercial global presence, primarily in China, which is the world’s fastest growing market.

CoreBone develops and sells bioactive bone graft material for dental and orthopedic indications. It is the only company that uses cultured coral for bone grafting. Corals are grown on Moshav Ein Yahav in the south of Israel, in a closed, controlled aquatic (aquarium) system using proprietary technology and laboratory-made sea water enriched with bioactive nutrients and CoreBone’s own coral breeding source. The coral has similar properties to human or animal bones and replaces the need for using animal or human bone for bone grafting. This eliminates the risk of disease transfer associated with these products. In China, the import of foreign human-derived bone grafts is banned – creating a tremendous growth opportunity for CoreBone’s products.

News of  CoreBone’s raise appeared in Orthopedics This Week, Medical Device News Magazine, Spine Market, Asian Herald, British Herald and Yahoo Finance.