Bone Therapeutics raised €3.3 million (~USD $3.7 million) through an equity private placement. Gross proceeds will be used to advance Bone Therapeutics’ lead orthopedic asset, ALLOB, through mid-stage clinical development, as well as product development outside of orthopedics.
In addition, Bone Therapeutics expects to complete the final licensing agreement for the global rights of ALLOB with Link Health Pharma by the end of 2021. This agreement would include R&D cost reimbursement from Link Health to Bone Therapeutics and commercial milestone payments of up to EUR 60 million in total and tiered royalties on net sales of up to 25% from Link Health to Bone Therapeutics. This licensing agreement would substantially reduce the development costs of Bone Therapeutics in the coming years.
Source: Bone Therapeutics