CoreBone completed an investment round of $3.7 million. Funds will be used for extending CoreBone's commercial global presence, primarily in China. The Guangzhou Sino-Israel Biotech Investment Fund (GIBF), which focuses on introducing Israeli medical technologies to the Chinese market, invested $3 million in CoreBone's Chinese subsidiary; The Trendlines Group and Agriline invested $700,000.
CoreBone develops and sells bioactive bone graft material for dental and orthopedic indications. It is the only company that uses cultured coral for bone grafting. Corals are grown in a closed, controlled aquatic system using proprietary technology and laboratory-made seawater enriched with bioactive nutrients and CoreBone's own coral breeding source. The coral has similar properties to human or animal bones and replaces the need for using animal or human bone for bone grafting. This eliminates the risk of disease transfer associated with these products. In China, the import of foreign human-derived bone grafts is banned – creating a tremendous growth opportunity for CoreBone's products.
Commenting on the investment, CoreBone CEO Ohad Schwartz said, "This investment in CoreBone will accelerate our sales efforts in China. CoreBone's graft material provides all the required bone formation qualities and more, without the limitations associated with animal or human sources. We are excited to bring this alternative technology to the bone graft market worldwide."