Cerapedics, an orthobiologics company, announced the closing of a $9 million venture debt loan from GE Capital, Healthcare Financial Services, which will support general business operations for Cerapedics.
According to a company press release, the loan does not include equity or warrant coverage and will support the advancement of the Cerapedics U.S. regulatory process.
“With the recent presentation of our preliminary outcomes data for i-FACTOR Peptide Enhanced Bone Graft, we are pleased to announce closing of this loan agreement with GE
Capital, which will position us to continue our progress toward U.S. regulatory approval and commercialization in the months ahead,” Jeffrey G. Marx, PhD, president and chief operating officer at Cerapedics, stated in the press release.
The preliminary outcomes data that Cerapedics announced in March were from an FDA Investigational Device Exemption clinical trial for i-FACTOR Peptide Enhanced Bone Graft used in anterior cervical discectomy and fusion procedures.
“We are looking forward to building a strong relationship with GE Capital and are excited to move forward with their support,” Glen Kashuba, chief executive officer at Cerapedics, stated in the release. “We are confident that the future for Cerapedics and for i-FACTOR Peptide Enhanced Bone Graft will be extremely auspicious.”