Bacterin International Holdings, Inc. (NYSE MKT: BONE), a leader in the
development of revolutionary bone graft material and coatings for
medical applications, announced the closing of an additional $4 million
financing from OrbiMed.
The additional $4 million was provided on the same terms as the $20
million term loan the Company received in August of 2012.
In conjunction with the financing, Bacterin agreed to issue 1.5 million
shares of common stock to an affiliate of OrbiMed. The proceeds will be
used by the Company for working capital and general corporate purposes.
“This financing is important for Bacterin and its shareholders,” said
Dan Goldberger, President and CEO of Bacterin International. “We now
have the capital that allows us to continue to develop the strategic
sales initiatives implemented when I came on as CEO in August. By
securing financing through OrbiMed, we have further strengthened our
relationship with a key stakeholder that continues to believe in
Bacterin’s products and our management team’s ability to drive this
company."
About Bacterin International Holdings
Bacterin International Holdings, Inc. (NYSE MKT: BONE) develops,
manufactures and markets biologics products to domestic and
international markets. Bacterin's proprietary methods optimize the
growth factors in human allografts to promote bone growth, subchondral
repair and dermal growth. These products are used in a variety of
applications including enhancing fusion in spine surgery, relief of back
pain, promotion of bone growth in foot and ankle surgery, promotion of
cranial healing following neurosurgery and subchondral repair in knee
and other joint surgeries.
Bacterin's Medical Device division develops and licenses coatings for
various medical device applications. For further information, please
visit www.bacterin.com.
About OrbiMed
OrbiMed (www.orbimed.com)
is a leading investment firm dedicated exclusively to the healthcare
sector, with approximately $10 billion in assets under management.
OrbiMed invests globally across the spectrum of healthcare companies,
from venture capital start-ups to large multinational companies.
OrbiMed's team of more than 80 employees manages a series of private
equity funds, public equity funds, royalty/debt funds and other
investment vehicles. OrbiMed maintains its headquarters in New York
City, with additional offices in San Francisco, Shanghai, Mumbai and
Herzliya.
Important Cautions Regarding Forward-looking Statements
This news release contains certain disclosures that may be deemed
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 that are subject to significant risks and
uncertainties. 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 or the negative thereof. 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 ability of
the Company’s sales force to achieve expected results; the Company's
ability to meet its existing and anticipated contractual obligations,
including financial covenant and other obligations contained in the
Company’s secured lending facility; the Company’s ability to manage cash
flow; the Company’s ability to obtain shareholder approval of financing
transactions; the Company's ability to develop, market, sell and
distribute desirable applications, products and services and to protect
its intellectual property; the ability of the Company's customers to pay
and the timeliness of such payments; the Company's 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 Company’s ability
to remain listed on the NYSE MKT exchange; the Company’s ability to
successfully conclude government investigations; the impact of changes
in market, legal and regulatory conditions and in the applicable
business environment, including actions of competitors; and other
factors. Additional risk factors are listed in the Company's Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q under the heading
"Risk 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, except as required by law.
Copyright Business Wire 2014