Locate Bio, an innovative orthobiologics firm, has concluded an oversubscribed £9.2 million funding round with support from new and existing investors, including Mercia Ventures and BGF. The funding will facilitate a clinical study for LDGraft, a bone graft substitute designed for spinal fusion.
This funding round and the RESTORE clinical trial mark a significant stride in Locate Bio’s mission to alleviate suffering and enhance the quality of life for millions worldwide grappling with orthopaedic ailments.
Locate Bio leverages decades of research in advanced drug delivery systems, employing a proprietary protein encapsulation method to deliver rhBMP-2, a potent therapeutic protein. This technology, integrated into LDGraft, garnered FDA breakthrough device designation in 2023.
CEO John von Benecke remarked, “The overwhelming support from investors underscores confidence in our vision and LDGraft’s potential to become a leading bone graft substitute globally.”
“With the pressing demand for products addressing chronic back pain in an ageing population,” added von Benecke, “LDGraft’s biomimetic design holds immense promise. The RESTORE trial is a crucial stride towards realizing this vision.”
Jonathan Earl of BGF noted, “Locate Bio has made significant strides in pioneering solutions for musculoskeletal needs. We eagerly support their journey through clinical trials and regulatory approval.”
Alex Gwyther of Mercia Ventures expressed, “We’ve long championed Locate Bio’s mission to revolutionize orthobiologics, impressed by both their technological progress and talented team.”
About Locate Bio:
Locate Bio, a UK-based orthobiologics company, is dedicated to advancing medical innovation and patient care.
For more information, visit www.locatebio.com
About Mercia Ventures:
Mercia Ventures is a proactive venture capital investor, specializing in Software, Consumer, Healthcare, and Deep Tech sectors. As part of Mercia Asset Management PLC, they offer equity investments up to £10 million, fostering growth and success for partner companies.
