UK-based orthobiologics company Locate Bio has secured £9.2m in an oversubscribed funding round, aimed at advancing a clinical study of its LDGraft product.
The funding will facilitate the Randomised Study of LDGraft in Single Level Anterior Lumbar Interbody Fusion (RESTORE), the next step in the company’s commitment to improving orthopaedic patient outcomes.
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The investment, contributed by new and existing investors including Mercia Ventures and BGF, will be channelled towards the clinical trial of LDGraft, a bone graft substitute designed for spinal fusion procedures.
Locate Bio CEO John von Benecke said: “This oversubscribed funding round underscores the significant investor confidence in the company’s vision and the potential of LDGraft to become the most relied-on bone graft substitute globally.”
“With the rapidly ageing global population, there is an urgent need for products that address chronic, progressive, and debilitating back pain.
“With a design inspired by nature for a more biomimetic approach to the release of rhBMP-2, we are incredibly excited about the potential of LDGraft. The RESTORE clinical trial is an important step towards realising that ambition.”
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By GlobalDataThe development is also claimed to be pivotal for Locate Bio’s efforts to alleviate pain and enhance the quality of life for patients with severe orthopaedic conditions.
BGF investor Jonathan Earl said: “Locate Bio has demonstrated significant progress in its drive towards developing innovative solutions that address a wide range of musculoskeletal needs.
“Their approach represents a significant breakthrough in this field and we look forward to providing continued support for the business as it moves through clinical trials and towards regulatory approval.”
LDGraft utilises a proprietary protein encapsulation technique to deliver recombinant human bone morphogenetic protein 2 (rhBMP-2), which is essential for cell differentiation and bone growth.
The product combines this therapeutic protein with an osteoconductive scaffold, a combination that has earned the breakthrough device designation from the US Food and Drug Administration last year.
The company was spun out from the University of Nottingham.
