BELGRADE, Mont., Feb. 12 /PRNewswire/ -- Bacterin International, Inc. (Bacterin), a developer of biological scaffolds for orthopedic indications, today announced the completion of a $3 million private placement of Secured Convertible Promissory Notes led by Middlebury Securities, LLC.
Proceeds from the raise will be used to repay approximately $800,000 of existing debt and the remainder will be used to expand the Company's sales and marketing effort and general working capital purposes.
Commenting on the successful capital raise, Guy Cook, Bacterin's founder and CEO, said, "We are very pleased with the investor reception of our business model. Over the last nine years, Bacterin's team of highly experienced professionals have worked diligently developing and perfecting its technology and creating a facility that would position the company to effectively market and deliver innovative products to the orthopedics industry. Our OsteoSponge® product, made from demineralized cancellous bone and optimized to preserve bone morphogenetic proteins, provides surgeons with an osteoinductive scaffold that is highly economical with superior handling and wicking properties."
Mr. Cook continued, "The additional capital raised by Middlebury Securities will enable Bacterin to expand its sales effort at a time when the medical industry is eager for efficacious products that are cost-effective. The investor base the Middlebury Group introduced to our company is comprised of seasoned investors who recognize the potential for Bacterin's proprietary technology. We look forward to our relationship with these new investors and Middlebury, while we focus on delivering results."
About Bacterin International
Bacterin International, Inc. designs, tests and licenses bioactive coatings for medical applications. The Company incorporates a variety of classes of active agents into coatings: antimicrobial, analgesic, anti-thrombotic, anti-inflammatory, and other drugs suitable for medical applications. Bacterin also produces and markets innovative biologic alografts for transplantation. The Company's products, OsteoSponge®, OsteoSpongeSC® and OsteoWrap™, are made from demineralized bone that is malleable and flexible, which enables more efficient and precise handling. It also markets OsteoLock®, used in spine surgery, minimizes graft back-out, and increases osteoinductivity. Headquartered in Belgrade, Montana, Bacterin operates a 32,000 sq. ft., state-of-the-art, full compliant and FDA registered facility, equipped with five Class 100 clean rooms.
This news release contains disclosures that are forward-looking statements. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "continue," "efforts," "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "strategy," "will," "goal," "target," "prospects," "potential," "optimistic," "confident," "likely," "probable" or similar expressions. These forward-looking statements are based on current expectations or beliefs and include, but are not limited to, statements about maximizing gross profit dollars, the Company's potential to achieve top and bottom line growth. Statements of historical fact also may be deemed to be forward-looking statements. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the company's ability to meet its obligations under existing and anticipated contractual obligations; the company's ability to develop, market, sell and distribute desirable applications, products and services and to protect its intellectual property; the ability and willingness of third-party manufacturers to timely and cost-effectively fulfill orders from the company; the ability of the company's customers to pay and the timeliness of such payments, particularly during recessionary periods; the company' ability to obtain financing as and when needed; changes in consumer demands and preferences; the company's ability to attract and retain management and employees with appropriate skills and expertise; the impact of changes in market, legal and regulatory conditions and in the applicable business environment, including actions of competitors; and other factors. The company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Bacterin International, Inc.
|SOURCE Bacterin International, Inc.|
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