SetBone Medical, a company that has developed a novel bone cement for the treatment of spinal vertebrae fractures and other orthopaedic procedures, has announced that it has closed an oversubscribed investment round of US$1.6 million.
Investors in the round include The Trendlines Group, Agriline and Chicago ArchAngels. The funds raised will support the next stage of development and initiation of a first-in-human pilot study.
SetBone Medical’s patent-pending bone cement, ReadySet, has been developed for use in a range of orthopaedic and spine procedures. SetBone’s first product indication will be for the treatment of vertebral compression fractures (VCF), primarily caused by osteoporosis.
Douglas Beall (Edmond, USA), a SetBone advisor, said: “This new material is promising and addresses many gaps we have today with current technologies, I look forward to seeing its availability for clinical use.”
The company states that it’s bone cement provides safer and more efficient treatment as it does not contain any toxic monomers but instead comes in a ready-to-use, prefilled cartridge.
SetBone Medical CEO, Nimrod Kaufmann, commented: “This financing, completed with deeply experienced spine and orthopaedics investors, allows us to advance our development program toward US Food and Drug Administration clearance to provide a superior solution to those suffering from vertebral compression fractures.”
Trendlines Investments Israel CEO, Barak Singer, added: “SetBone brings a novel solution to answer a huge market need, and we are highly encouraged by the interest we have received from the medical device community validating this need. We look forward to SetBone going to market.”