Lund, Sweden, 18:00 CET 1 February 2018 – BONESUPPORT HOLDING AB’s subsidiary BONESUPPORT AB has repaid the remaining debt under the loan facility from Kreos Capital V (UK) Ltd. The original loan agreement, which was signed in September 2016 included two tranches, one of EUR 13.4 million and one of EUR 8.9 million. BONESUPPORT has only drawn down the first tranche of EUR 13.4 million, which was disbursed to BONESUPPORT on 30 September 2016. The outstanding amount of the first tranche at the end of January 2018 was EUR 9.5 million, which was repaid today. In addition, the Company paid an early termination fee of EUR 0.7 million plus costs for legal counsel.
Björn Westberg, CFO of BONESUPPORT, commented: “Given our strong financial position and the high interest expense associated with this loan facility, we believe that the decision to repay it early is the right thing to do from a financial perspective.”
BONESUPPORT is an innovative and rapidly growing commercial stage orthobiologics company, based in Lund, Sweden. The Company develops and commercializes innovative injectable bio-ceramic bone graft substitutes that remodel to the patient’s own bone and have the capability of eluting drugs directly into the bone void. BONESUPPORT’s marketed bio-ceramic bone graft substitutes CERAMENT® BONE VOID FILLER (BVF), CERAMENT® G* and CERAMENT® V* are all based on the Company’s novel and proprietary CERAMENT technology platform.
The Company’s products are targeting a large addressable market opportunity across trauma, chronic osteomyelitis (bone infection), revision arthroplasty (replacement of a joint prosthesis) and infected diabetic foot.
BONESUPPORT’s total sales increased from SEK 41 million in 2014 to SEK 105 million in 2016, representing a compound annual growth rate of 60 percent. The Company’s financial target is to achieve revenue exceeding SEK 500 million in the financial year 2020, with a gross margin exceeding 85 percent and a positive operating profit.
The Company’s research and development is focused on the continuing development and refinement of its CERAMENT technology to extend its use into additional indications by the elution of other drugs and therapeutic agents. The Company currently has a pipeline of pre-clinical product candidates that have been designed to promote bone growth.
BONESUPPORT is listed on Nasdaq Stockholm and trades under the ticker “BONEX” (ISIN code: SE0009858152). Further information is available at www.bonesupport.com
*CERAMENT G: Not available in the United States, for investigational use only. CERAMENT V: Not available in the United States.
BONESUPPORT™ and CERAMENT® are registered trademarks.
For more information contact:
Björn Westberg, CFO
Tel: +46 (0) 46 286 53 60
The information was submitted for publication at 18:00 CET on 1 February 2018.