Bone Biologics, a developer of orthobiologic products for domestic and international spine fusion markets, completed $5.9 million in funding: $3.9 million in equity and a $2 million credit facility.
According to a related 8-K filing, Hankey Capital provided the credit facility, which will be drawn down by the company upon notice to Hankey.
Bone Biologics concurrently issued an aggregate of 330,325 shares of the company’s common stock to four of its stockholders and 3,539,654 shares of common stock to Hankey Capital.
Proceeds from the financing will be used for working capital, protein development, animal testing, regulatory and clinical expenses and for growth purposes. Part of the proceeds will also be used to repay a secured promissory note in the principal amount of $600,000.
The securities offered were not registered under the Securities Act of 1933, as amended, and therefore could not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
