EDISON, N.J., May 6, 2015 — Bone Biologics, Corp., (“Bone Biologics”) announced today the completion of a $2M funding round with Hankey Capital, LLC (“Hankey Capital”) of Los Angeles, CA. The company is developing a proprietary protein for use in bone regenerative medicine using the patented recombinant human protein known as UCB-1 (or NELL-1) for use with patients undergoing spinal fusion.
Michael Schuler, CEO of Bone Biologics noted, “We are pleased with the completion of this round of funding which will allow the company to continue process development leading to the manufacturing of Nell-1 in preparation for human clinical trials to validate the technology in regenerative medicine for bone.”
NELL-1, a bone growth factor has been developed by Bone Biologics in partnership with University of California, Los Angeles (UCLA) and the Musculoskeletal Transplant Foundation (MTF) as a more specific alternative to other bone growth factors used in health care today. In large animal studies, NELL-1 exhibited none of the side effects currently associated with other bone growth factors including ectopic bone growth, extraneous bone growth or cyst formation. The next phase will be completing the development and testing work needed to seek regulatory approval for the initial pilot study in human clinical trials.
Bone Biologics Board Chairman Bruce Stroever stated, “We are very pleased that funding has been secured to supplement the initial funding provided by MTF. This brings to $7 million the total funding to date from Hankey Capital and we are pleased with their increased commitment to this exciting venture. The technology discovered by UCLA and being developed by Bone Biologics has the potential to make a significant difference in patient’s lives, dramatically improving spinal fusion, while controlling healthcare costs.” Mr. Stroever is the President and CEO of MTF.
The Musculoskeletal Transplant Foundation, a non-profit organization based in Edison, NJ, is a national consortium comprised of leading organ procurement organizations, tissue recovery organizations and academic medical institutions. Since its inception in 1987 MTF has received tissue from more than 100,000 donors and distributed more than five million grafts for transplantation. For more information visit: www.mtf.org
About Hankey Capital, LLC
Hankey Capital, LLC, a member of the Hankey Group of Companies, is a private equity firm based in Los Angeles, California. The Hankey Group of Companies is one of the largest subprime auto finance lending organizations in the United States and provides a broad array of equity and debt capital solutions to emerging growth companies as well as origination and management of a $300MM auto and real estate asset-based finance portfolio.