Bacterin Secures $25 Million Financing with OrbiMed

Bacterin International Holdings

, a leader in the development of unique bone graft material and antimicrobial coatings for medical applications, announced the closing of a $25 million non-dilutive financing with an affiliate of OrbiMed Advisors LLC. The financing will enable Bacterin to execute its growth strategy through anticipated profitability. Under the terms of the agreement, Bacterin initially received $20 million and has the ability to draw down an additional $5 million based upon the achievement of mutually agreed upon revenue objectives prior to December 31, 2013. The Company received net proceeds of approximately $10 million after repayment of existing indebtedness as well as other transaction related fees and expenses. Net proceeds will be used by the Company for general working capital purposes. No equity securities or warrants were issued as part of the transaction.