SPARKS, Md., May 9 /PRNewswire/ -- BioniCare Medical Technologies, Inc. has closed a Series C Convertible Preferred Stock financing with a syndicate of U.S. and Japanese institutional investors. The investor group was led by New Science Ventures, and included Allen & Co., and Nippon Sigmax Co. The proceeds raised in the Series C offering to date from new and current investors totals approximately $15 million. The Company is planning a follow-on closing with additional institutional investors in early June which could bring in an additional $5 million.
“We are delighted to be working with this distinguished global group of investors,” said Dr. Thomas Zizic, Chief Executive Officer of BioniCare. “They have contributed to the success of many leading companies, and BioniCare will benefit greatly from their expertise. BioniCare is now solidly positioned to become the market leader in high value-added, non-invasive therapeutic devices for arthritis.”
BioniCare’s lead product, the BIO-1000 System, is FDA cleared for the treatment of osteoarthritis of the knee and rheumatoid arthritis of the hand. More than 4,500 patients have been treated with the BIO-1000 System to date.
“BioniCare offers the nearly 10 million persons who suffer from osteoarthritis of the knee a new way to help manage their pain and an option for patients whose symptoms are not relieved by appropriate drug therapy,” said Somu Subramaniam, Managing Partner of New Science Ventures. “We invest in companies which can achieve significant commercial success by bringing new scientific solutions to large, underserved markets, and we see this potential in BioniCare.”
New Science Ventures is a New York-based venture firm that invests in emerging life sciences and technology companies worldwide. Thomas J.A. Lavin, CFO of New Science Ventures, has joined the Board of Directors.
Roberts Mitani, LLC of New York acted as investment banker and placement agent on behalf of BioniCare in this transaction. Roberts Mitani (http://www.robertsmitani.com/) and its affiliated companies provide financial advisory and private equity services to the life sciences industry and other sectors worldwide.
The BIO-1000 System: A Product with an Uncommon Clinical Profile of Safety and Efficacy
The BIO-1000 System works through low amplitude electrical stimulation, and is the first and only non-drug, non-invasive treatment option available. In one four-year study conducted at Johns Hopkins University, 62% of candidates for total knee replacement were able to defer surgery; this was true for only 7% of patients in a control group. In addition, no patient has suffered a serious adverse event using the BIO-1000 System. Its benefits include the following:
-- Targeted, durable relief of pain and associated symptoms -- Substantial improvement over baseline anti-inflammatory medications -- Excellent safety profile -- High patient acceptability -- Ease of use About BioniCare Medical Technologies, Inc.
BioniCare Medical Technologies, Inc. develops and markets devices to meet the growing needs of more than 70 million Americans who suffer from the painful complications of arthritis and related musculoskeletal diseases. Through application of its patented technology, BioniCare is dedicated to the discovery of non-invasive devices for the regeneration of musculoskeletal soft tissues to significantly improve the quality of patients’ lives.
For more information about the company and the benefits of BioniCare’s non-invasive, non-drug option for treating OA, please visit http://www.bionicare.com/.
BioniCare Medical Technologies, Inc.
CONTACT: Kristina Broadbelt of BioniCare Medical Technologies,+1-215-928-2364 or kbroadbelt@bionicare.com
Web site: http://www.bionicare.com/
