Bio2 Technologies, Inc. Closes Series C Equity Financing
Mirus Capital Advisors announced today that it acted as the exclusive financial advisor to Bio2 Technologies, Inc. (Bio2) in securing its Series C equity financing which was led by DSM Venturing. Bio2, a privately held commercial stage orthopedic company, 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’s proprietary process enables the manufacture of load bearing 100% bioactive glass implants that stimulate new bone formation and are fully replaced as part of the natural bone formation process.
The proceeds of the equity financing will fund a clinical trial for the Company’s first Vitrium spine product, an interbody implant 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 remaining. The funds will also be used to accelerate commercialization of Bio2’s 510(k) approved 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 the commercialization of the Vitrium platform.”
“We were very pleased to assist in bringing Bio2 and DSM together,” said Patrick West, a Partner at Mirus who leads its med-tech practice. “We feel this is a textbook example of matching a great technology and team with investors that offer not only capital, but meaningful sector expertise.”
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 LivingTM. 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.
About Mirus Capital Advisors. Successful business leaders have turned to Mirus Capital Advisors for more than 30 years. As a mid-market investment bank focused on mergers and acquisitions and raising capital, Mirus drives successful deals for companies in the healthcare, med-tech, consumer, industrial, business services, and technology industries. Mirus has proven time and again that its deep industry expertise, focus on relationships, thorough preparation and unwavering commitment to every deal lead to meaningful accomplishments for its clients.