SetBone Medical Announces $1.6 Million Financing

Rhea-AI Summary

SetBone Medical Ltd., based in Israel, has successfully closed an oversubscribed investment round raising $1.6 million. This funding, backed by notable investors like The Trendlines Group (SGX: 42T) and Agriline, will facilitate the next phase of development and the initiation of a First in Human pilot study. SetBone's innovative bone cement addresses limitations in current orthopedic solutions and aims to capture a share of the projected $1.4 billion bone cement market by 2028, targeting conditions like Vertebral Compression Fractures.

Positive

• Raised $1.6 million in oversubscribed investment round.
• Development of a novel bone cement that eliminates toxic monomers and reduces curing temperature.
• Targets a market with 1.4 million vertebral fractures annually in the US.

Negative

• None.

TEL AVIV, Israel, Jan. 26, 2022 /PRNewswire/ -- SetBone Medical Ltd., a company that has developed a novel bone cement for the treatment of spinal vertebrae fractures and other orthopedic procedures, announced today that it has closed an oversubscribed investment round of $1.6 million. Investors in the round include The Trendlines Group (SGX: 42T) (OTCQX: TRNLY); Agriline, a trust of which Vincent Tchenguiz is a discretionary beneficiary; Chicago ArchAngels; and other private investors. 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 has been developed for use in a wide range of orthopedic and spine procedures. The global bone cement market is projected to reach $1.4 billion by 2028. SetBone's first product indication will be for the treatment of Vertebral Compression Fractures (VCF), primarily caused by osteoporosis, which leads to approximately 1.4 million fractures each year, of which more than 750,000 occur in the United States.

Bone cements are widely used for various orthopedic and spine applications, including the support of fractured bones, and anchoring of artificial joints. Current bone cements require on-site preparation which involves release of toxic monomers and have handling limitations, which include inconsistent cement viscosity and a short working time. In addition, the curing of current bone cements in the human body generates high temperatures (exothermic reaction) that may damage surrounding tissue.

SetBone Medical has developed a new generation of bone cement to provide safer and more efficient treatment. SetBone's proprietary bone cement does not contain any toxic monomers. It comes in a ready-to-use, prefilled cartridge for use "right out of the box." SetBone's cement allows extended working time, and its low exothermic reaction keeps cement curing temperature low preventing damage to surrounding tissue.

Douglas Beall MD, a SetBone advisor and specialist in treating VCFs with several published research papers and book chapters on the topic stated, "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."

SetBone CEO Nimrod Kaufmann, commented, "This financing, completed with deeply experienced spine and orthopedics investors, allows us to advance our development program toward FDA 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."

About SetBone Medical

SetBone Medical is a Trendlines Group portfolio company based in Israel, founded by Nimrod Kaufmann and Royi Kaufmann, PhD. SetBone is focused on developing and commercializing novel cements that overcome the limitations of current cements and provide physicians with a safer and more efficient work environment, disrupting a $1 billion+ market. For more information visit www.setbone.com.

Contact details:
Nimrod Kaufmann
info@setbone.com    Tel: +972.72.260.7000

Photo - https://mma.prnewswire.com/media/1734533/SetBone_ReadySet_bone_cement.jpg

 

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/setbone-medical-announces-1-6-million-financing-301468536.html

SOURCE SetBone Medical Ltd.

FAQ

What is SetBone Medical's recent financial achievement on January 26, 2022?

SetBone Medical announced the closure of a $1.6 million oversubscribed investment round.

What type of product is SetBone Medical developing?

SetBone Medical is developing a novel bone cement for orthopedic and spine procedures.

What market is SetBone Medical targeting with its new bone cement?

SetBone Medical is aiming to enter the global bone cement market, projected to reach $1.4 billion by 2028.

What is the primary indication for SetBone's first product?

The primary indication is for treating Vertebral Compression Fractures, often caused by osteoporosis.

What competitive advantage does SetBone's bone cement offer?

SetBone's cement provides a ready-to-use solution without toxic monomers and with a lower curing temperature.