Locate Bio, an orthobiologics company, announced the successful completion of an oversubscribed £9.2 million funding round from Mercia Ventures and BGF, both new and existing investors. The proceeds will be used to fund a clinical study of LDGraft, which is a bone graft substitute for spinal fusion.
This funding round and the clinical trial known as RESTORE (A Randomized Study of LDGraft in Single Level Anterior Lumbar Interbody Fusion) is a major milestone in the company’s mission to relieve suffering and restore the quality of life for millions of patients suffering from debilitating orthopedic conditions worldwide.
Locate Bio combines decades of research in advanced drug delivery systems and utilizes a proprietary protein encapsulation method to deliver a powerful therapeutic protein called rhBMP-2. This is combined with an osteoconductive scaffold in LDGraft – receiving a US Food and Drug Administration (FDA) breakthrough device designation in 2023.
KEY QUOTES:
“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 aging 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 realizing that ambition.”
- CEO John von Benecke
“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.”
- Jonathan Earl, investor at BGF
“We have long believed in Locate Bio’s mission to develop next generation orthobiologics that can transform patients’ lives. We are pleased to see both the progress in the technology and the world-class team that the company has brought together.”
- Alex Gwyther, investor at Mercia Ventures
