SetBone Medical announces $1.6 million financing
SetBone Medical, a company that has developed a novel bone cement for the treatment of spinal vertebrae fractures and other orthopedic procedures, announced today that it has closed an oversubscribed investment round of $1.6 million. Investors in the round include The Trendlines Group (SGX: 42T) (OTCQX: TRNLY); Agriline, a trust of which Vincent Tchenguiz is a discretionary beneficiary; Chicago ArchAngels; and other private investors. The funds raised will support the next stage of development and initiation of a First in Human pilot study.
SetBone Medical’s patent-pending bone cement has been developed for use in a wide range of orthopedic and spine procedures. The global bone cement market is projected to reach $1.4 billion by 2028. SetBone’s first product indication will be for the treatment of Vertebral Compression Fractures (VCF), primarily caused by osteoporosis, which leads to approximately 1.4 million fractures each year, of which more than 750,000 occur in the United States.
Bone cements are widely used for various orthopedic and spine applications, including the support of fractured bones, and anchoring of artificial joints. Current bone cements require on-site preparation which involves release of toxic monomers and have handling limitations, which include inconsistent cement viscosity and a short working time. In addition, the curing of current bone cements in the human body generates high temperatures (exothermic reaction) that may damage surrounding tissue.
SetBone Medical has developed a new generation of bone cement to provide safer and more efficient treatment. SetBone’s proprietary bone cement does not contain any toxic monomers. It comes in a ready-to-use, prefilled cartridge for use “right out of the box.” SetBone’s cement allows extended working time, and its low exothermic reaction keeps cement curing temperature low preventing damage to surrounding tissue.
Douglas Beall MD, a SetBone advisor and specialist in treating VCFs with several published research papers and book chapters on the topic stated,
This new material is promising and addresses many gaps we have today with current technologies, I look forward to seeing its availability for clinical use.
SetBone CEO Nimrod Kaufmann, commented,
This financing, completed with deeply experienced spine and orthopedics investors, allows us to advance our development program toward FDA clearance to provide a superior solution to those suffering from vertebral compression fractures.
Trendlines Investments Israel CEO, Barak Singer, added,
SetBone brings a novel solution to answer a huge market need, and we are highly encouraged by the interest we have received from the medical device community validating this need. We look forward to SetBone going to market.