Bone Biologics raises another $6m

Bone Biologics (OTC:BBLG) said today that it raised another $5.9 million for the orthobiologics it makes for spinal fusion procedures.

The round includes $3.9 million in equity and a $2 million credit facility, the Burlington, Mass.-based company said.

Bone Biologics said it plans to use the proceeds for working capital, protein development and regulatory and clinical expenses, plus the repayment of $600,000 in debt.

Back in April 2016 the company closed a $5.75 million round joined by the Musculoskeletal Transplant Foundation, Orthofix (NSDQ:OFIX) and Hankey Capital.

Bone Biologics is developing Nell-1, a bone growth factor designed to be an alternative to other bone growth factors used in surgical procedures such as spinal fusions.

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