FRANKLIN, Tenn., Nov. 4 /PRNewswire/ -- BioMimetic Pharmaceuticals, a biopharmaceutical company focused on the development of human therapeutics for the treatment of musculoskeletal disorders, announced today the closing of a Series C round of financing raising $25.7 million. The financing, which was oversubscribed, was led by InterWest Partners. Other investors in the round included CMEA Ventures, MC Life Science Ventures and current investors Burrill & Company, Novo A/S, Holden Capital and MB Venture Partners. With the closing of the financing, Chris Ehrlich of InterWest Partners and David Collier, M.D., of CMEA Ventures will join the Board of Directors. Pacific Growth Equities, LLC acted as the placement agent for the financing.
"We are pleased with the outstanding level of support that we received from both the new and current investors in this Series C financing," commented Samuel E. Lynch, D.M.D., D.M.Sc., President and Chief Executive Officer of BioMimetic Pharmaceuticals. "In addition to providing significant financial support, the new investors add strategic value that will assist the Company in advancing its product candidates into and through clinical development. We look forward to working with Chris and David as new members of the Board of Directors and taking advantage of their extensive experience in facilitating the growth of biotechnology companies."
"InterWest is excited to be supporting the BioMimetic team in their efforts to advance novel drug/device combinations for the treatment of degenerative diseases and debilitating injuries," stated Chris Ehrlich, Partner at InterWest Partners. "We believe that BioMimetic has the opportunity to quickly test and commercialize several promising products for large and growing markets, and we look forward to working with management and the Board of Directors."
The Company has established a multi-product pipeline based upon its core expertise in the development of convergent drug-device combinations for use in tissue engineering applications. The Company's product candidates are led by GEM 21S(TM), which is a fully synthetic regeneration system being developed for the treatment of periodontally-related bone defects. The product combines a recombinant human tissue growth factor, platelet-derived growth factor BB (rhPDGF-BB) with a resorbable synthetic bone matrix (Beta-tricalcium phosphate). GEM 21S(TM) has advanced through pivotal clinical studies and received a unanimous approval recommendation from the FDA's Dental Advisory Panel in July of 2004. The Company has entered into an exclusive world-wide marketing and distribution partnership with Luitpold Pharmaceuticals, a division of Sankyo Pharmaceuticals, for GEM 21S(TM).
The Company has additional product candidates in development for multiple musculoskeletal indications. The first of these, GEM OS1, is expected to enter human clinical studies in the coming year for fracture repair. Other product candidates are targeted for diverse orthopedic indications including traumatic fractures and sports medicine applications such as cartilage, tendon and ligament repair.
The funds raised in this financing will be used to support preclinical and clinical development of the Company's multi-product pipeline directed towards orthopedic applications, to add key personnel, and to expand the Company's corporate facilities to include research and development space. With the closing of this financing, BioMimetic has now raised approximately $39M in equity funding since inception. In addition, the Company has received significant payments from Luitpold Pharmaceuticals, its marketing partner for GEM 21S(TM).
About BioMimetic Pharmaceuticals
BioMimetic Pharmaceuticals, Inc. (BMPI) is a late-stage biopharmaceutical company focused on the development and commercialization of innovative protein-based products for the treatment of musculoskeletal and orthopedic disorders including bone, cartilage, tendon and ligament injuries - the most frequent cause of disability worldwide. For more information visit http://www.biomimetics.com/ .
BioMimetic Pharmaceuticals, Inc.