BELGRADE, Mont., Aug. 28, 2012 /PRNewswire/ -- Bacterin International Holdings, Inc. (NYSE Amex: BONE), a leader in the development of unique bone graft material and antimicrobial coatings for medical applications, announced the closing of a $25 million non-dilutive financing with an affiliate of OrbiMed Advisors LLC. The financing will enable Bacterin to execute its growth strategy through anticipated profitability.
Under the terms of the agreement, Bacterin initially received $20 million and has the ability to draw down an additional $5 million based upon the achievement of mutually agreed upon revenue objectives prior to December 31, 2013. The Company received net proceeds of approximately $10 million after repayment of existing indebtedness as well as other transaction related fees and expenses. Net proceeds will be used by the Company for general working capital purposes. No equity securities or warrants were issued as part of the transaction.
"Today's funding marks an important milestone for the Company as we entered into a financing agreement with OrbiMed. With this financing, we don't anticipate the need for additional working capital in our pursuit of achieving profitability," said Guy Cook, Chairman and CEO of Bacterin. "OrbiMed's recognition of Bacterin's unique technology and strong growth profile enabled us to secure this non-dilutive financing option. The future and long-term opportunity for Bacterin products, in multi-billion dollar addressable markets, is today stronger than ever."
"We are very pleased to partner with Bacterin and offer a non-dilutive capital solution to help the Company execute its growth strategy," said Tadd Wessel, a Managing Director on the Royalty Opportunities team at OrbiMed. "Bacterin has made substantial progress with the commercialization of their biologics platform and we look forward to w
|SOURCE Bacterin International Holdings, Inc.|
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