The Walloon region of Belgium backs bone cell therapy developer Bone Therapeutics, by providing $2.2m in non-dilutive funding to bring its 2015 total of non-dilutive funding to $5.4m.
Bone Therapeutics, a Belgium-based biotechnology company, has been granted €2m ($2.15m) in non-dilutive funding by decree of Jean-Claude Marcourt, minister of economy and foreign affairs of the Walloon government.
The funding brings Bone Therapeutics’ total non-dilutive funding to €5m for 2015. The initial €3m were awarded in November 2015.
Bone Therapeutics will need to repay the funding, granted as “avances récupérables”. A third will be repaid based on a fixed reimbursement schedule, while the remaining cash will be repaid in the form of royalties over the same period.
Founded in 2006, Bone Therapeutics is developing treatments for the repair and prevention of bone fractures with minimal invasive procedures.
Bone Therapeutics held its initial public offering on the Euronext Brussels and Euronext Paris stock markets in February 2015 when it raised €37m. It listed at a price of €16 per share and at time of writing it is trading at €19.40.
The company was awarded a grant of €576,000 in 2014 from M-Era. Net, an EU-funded network that supports European research programs in materials science and engineering.
The Walloon region first backed a €9.5m round in 2011, through its investment vehicle Société Régionale d’Investissement de Wallonie. It also contributed funds to a €7.7m series D round in 2013, the same year that research organisation Marie Curie awarded the company a €3.8m grant.
The latest capital injection will be used to further the research the company’s bone cell therapies.
Enrico Bastianelli, chief executive of Bone Therapeutics, said: “We are grateful to the Walloon Region, and more specifically to the Minister for Economy Jean-Claude Marcourt, for its continued support of the company.”