Bioventus launches Exogen ultrasound bone treatment in Saudi Arabia

Bioventus said today it launched the Exogen ultrasound bone healing system in Saudi Arabia.

The Durham, N.C.-based company’s Exogen system is designed to use low-intensity pulsed ultrasound to “help stimulate the body’s natural healing process.” Bioventus touts an 86% healing rate for fractures not healing on their own and 38% faster healing of fresh fractures with use of the device.

“This announcement marks another milestone as Bioventus continues expanding to international markets and growing its global footprint in orthobiologics. ZIMMO, which has more than 40 years of experience serving the healthcare sector in the region, is working with us to distribute Exogen,” CEO Tony Bihl said in prepared remarks.

“Earlier this spring a team from Bioventus that included representatives from sales and marketing and medical science experts and consultant, visited Riyadh and Jeddah and, trained more than 30 surgeons and key opinion leaders on how to use Exogen with patients for both fresh fractures and non-unions. In addition, this move further grows our relationship with ZIMMO as the company also distributes Durolane, our single injection hyaluronic acid osteoarthritis product,” EMEA managing director Andrew Hosmer said in a prepared statement.

In July, Bioventus postponed its initial public offering which was slated to raise up to $150 million for the company, according to Renaissance Capital. The company planned to float 8.8 million shares at a price range of between $16 and $18, and plans to list on the NASDAQ Global Market under the ticker “BIOV”.

The initial public offering was scheduled to open on June 29, according to Renaissance Capital, and the company has yet to announce a new date.

At the midpoint of its proposed range, the company would command a fully diluted market value of $566 million, and proceeds from the round should generate between $141 and $159 million, according to an SEC filing from the company.

The company originally announced plans for the IPO earlier in July, planning to use proceeds from the round to pay off its debt.

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