Bio2 Technologies, Inc. Secures Series C Financing Led by DSM Venturing
WOBURN, Mass., /PRNewswire/ -- Bio2 Technologies, Inc., a privately held orthopedics company, announced today the closing of its Series C equity financing led by DSM Venturing. Bio2 has developed Vitrium®, an advanced biomaterial with structural properties similar to bone. Vitrium is composed of bioactive glass, a resorbable material with well-established osteostimulative properties and a long history of clinical use. Bio2 utilizes a proprietary process to enable the use of bioactive glass in load bearing orthopedic applications such as spinal fusion.
The proceeds of the equity financing will fund a clinical trial for the Company's first Vitrium spine product, a fully resorbable interbody device for cervical fusion. In a pre-clinical study performed using an ovine model the Vitrium implant demonstrated superiority to the control (PEEK), achieving a robust fusion at six months with little to no residual implant material. The funds will also be used to expand Bio2's current offering of implants for use in extremities surgery.
"We are delighted to be partnering with DSM's biomedical division," commented Paul Nichols, President and CEO of Bio2 Technologies. As a leading developer and supplier of materials technology to the medical device industry, we believe their support and strategic insight will further accelerate our ability to commercialize the Vitrium platform."
"The biomedical sector is one of the focus areas of DSM Venturing, where we build an investment portfolio of emerging companies offering innovative solutions in fields strategically relevant for DSM. Bio2's Vitrium platform promises a breakthrough in biomaterials performance with broad application potential across the reconstructive surgery spectrum," said Pieter Wolters, Managing Director, DSM Venturing.
"We are excited about the investment in Bio2 Technologies as part of our strategy to support and advance innovation in the biomaterial space," said Rob Brown, Vice President of Marketing for DSM Biomedical. "Bio2's Vitrium technology platform brings a novel solution, combining structural integrity with advanced healing capabilities and breaking through the limitations of traditional materials."
About Bio2 Technologies, Inc.: Bio2 Technologies is a privately held medical device company headquartered in Woburn, Massachusetts. Our team is engaged in the development of advanced orthobiomaterials utilizing a proprietary process capable of producing structures that are both strong and porous. The Company also commercializes implantable devices constructed from these materials for distribution through exclusive marketing partners. For further information please visit www.bio2tech.com
About DSM - Bright Science. Brighter Living.™: Royal DSM is a purpose-led global science-based company in Nutrition, Health and Sustainable Living. DSM is driving economic prosperity, environmental progress and social advances to create sustainable value for all stakeholders. DSM delivers innovative business solutions for human nutrition, animal nutrition, personal care and aroma, medical devices, green products and applications, and new mobility and connectivity. DSM and its associated companies deliver annual net sales of about €10 billion with approximately 23,000 employees. The company is listed on Euronext Amsterdam. More information can be found at www.dsm.com
SOURCE Bio2 Technologies, Inc.