BioMimetic raises $25.7 million in new financing

Email | Print By David A. Fox

11-04-2004 9:50 AM — Franklin's BioMimetic Pharmaceuticals said Thursday that it has secured $25.7 million in a Series C round of financing. The funds were provided by lead investorInterWest Partners and by CMEA Ventures and MC Life Science Ventures and current investors Burrill & Co., Novo A/S, Holden Capital and MB Venture Partners.

Chris Ehrlich of InterWest and Dr. David Collier of CMEA Ventures will join the company's board. Pacific Growth Equities was placement agent.

Proceeds from the raise will go toward pre-clinical and clinical development of BioMimetic's orthopedic treatments, to add key personnel, and to expand corporate facilities to include research and development space.

With the Series C round, $39 million of venture capital funding is in the company. Additional funding has come from Luitpold Pharmaceuticals, which is responsible for marketing BioMimetic's GEM 21S, a fully synthetic regeneration system being developed for the treatment of periodontally-related bone defects.

It also is in the development of other products, including GEM OS1, a treatment for fractures that is expected to enter human clinical studies in the coming year.The company is led by Sam Lynch.