Bonovo Orthopedics Inc. has closed a $10 million round of financing led by an overseas investor.
Bonovo, led by CEO Peter Slate from corporate headquarters in Scottsdale, provides orthopedic products to China’s health care market.
The Series C preferred stock financing was led by OrbiMed Asia Partners and included Beijing-based Legend Capital as well as Bonovo’s existing shareholders. This round brings Bonovo’s total capital raised to $16.5 million.
Plans call for using the money to expand Bonovo’s Chinese sales platform further and accelerate its product development programs.
The company was formed in July 2008 through the merger of three China-based companies that manufacture and sell orthopedic products. It has two manufacturing facilities and offices in China.
Robert Green, president of the Arizona BioIndustry Association, said the Bonovo financing deal is another example of bioscience deals getting done, even in difficult financial times.
“It also demonstrates the international nature of the biosciences,” he said. “Here we have a company headquartered in Scottsdale raising funds from investment firms in New York and Beijing which will be used to sell orthopedic products in China.”
With $5 billion in assets under management, OrbiMed has invested in nearly a dozen other Asia-related projects over the past year, according to Dr. Jonathan Wang, the New York-based company’s senior managing director, who has joined Bonovo’s board of directors.