UK-based orthobiologics company, Locate Bio Limited, a spin out from the University of Nothingham, (see The Interesting Turn Bmp2 Bone Grafting Is Taking) has successfully completed an oversubscribed £9.2 million funding round to advance the clinical study of its bone graft substitute, LDGraft, for spinal fusion.
Locate Bio is a privately held UK-based orthobiologics company. The funding will be used for a randomized study of LDGraft in single level anterior lumbar interbody fusion. The clinical trial is called RESTORE.
Locate Bio received U.S. Food and Drug Administration (FDA) breakthrough device designation for LDGraft last year. Per the press release, Locate Bio uses a “proprietary protein encapsulation method to deliver a powerful therapeutic protein called rhBMP-2” which is combined with an “osteoconductive scaffold in LDGraft.”
OTW spoke with Locate Bio CEO John von Benecke about how LDGraft is different from other alternatives out there. Von Benecke told OTW, “Other rhBMP-2 products in development focus exclusively on the retention of the rhBMP-2 to various biomaterials, using a variety of attachment mechanisms. At Locate Bio, we recognize the delay in peak BMP-2 expression in bone healing as you move up the species order. It is much slower in humans than in mice. This has informed our development approach.”
Von Benecke continued, “LDGraft is based on not only ‘where’ the rhBMP-2 is delivered but also ‘when’ it becomes available to bind to specific cell receptors and activate the signaling cascade, and our design intent is the improved biomimicry of that signaling process.”
New and existing investors participated in the funding round including Mercia Ventures and BGF. Mercia Ventures is a venture capital investor that is part of Mercia Asset Management PLC. Established in 2011, BGF is the most active equity investor in the UK and Ireland.
In the press release, von Benecke commented, “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.”
