Cerapedics, a privately-held orthobiologics company, today announced the company completed an $11 million Series D financing. The funds will be used to expand commercialization of i-FACTOR™ Peptide Enhanced Bone Graft, which was approved by the U.S. Food and Drug Administration (FDA) in November 2015 for use in anterior cervical discectomy and fusion (ACDF) procedures in patients with degenerative cervical disc disease. Additionally, the proceeds will be used to further the development of Cerapedics' synthetic small peptide (P-15) technology for fusion in the lumbar spine.
"As we close our Series D financing, Cerapedics is well on its way to becoming one of the most innovative and successful private orthobiologics companies in the industry," said Glen Kashuba, CEO of Cerapedics. "We look forward to accelerating our commercialization efforts in the U.S. following outstanding feedback from surgeons across the country who have been among the first to use i-FACTOR grafts in cervical spine procedures, and are also focused on expanding our presence in international markets in the near future."
i‐FACTOR bone graft is based on P-15 technology developed by Cerapedics to support bone growth through cell attachment and activation. It is the first bone graft to be approved for use in the cervical spine by the FDA and may be used as a substitute for autologous bone in ACDF procedures. The U.S. surgical market for biologic bone substitutes is estimated to be about $1.5 billion.
WESTMINSTER, Colo., Sept. 29, 2016
