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  • Bonovo Orthopedics, Inc. Closes Series C Financing Led by OrbiMed Asia Partners

    Published on December 27, 2010

    Beijing : Bonovo Orthopedics, Inc., a leading provider of orthopedic products to the Chinese healthcare market, has announced that it closed a US$10 million Series C Preferred Stock financing. The financing was led by OrbiMed Asia Partners and was participated in by Legend Capital and Bonovo’s existing shareholders. The Series C round brings Bonovo’s total capital raised to US$16.5 million. Uses of the Series C funds include further expanding Bonovo’s Chinese sales platform and accelerating the Company’s robust product development programs.

    Bonovo Orthopedics, Inc. manufactures and distributes orthopedic implants and other orthopedic products for the Chinese healthcare market. The Company was formed in July of 2008 through the merger of three China-based companies with over 15 years of experience in manufacturing and sales of orthopedic products. With two ISO-certified manufacturing facilities and offices located throughout China, Bonovo has quickly become a leading medical device company in the Chinese healthcare market. The Company’s vast surgeon network serves as a bridge between the “East” and the “West” for surgeon training.

    Bonovo’s product line includes spinal implants, artificial joints, pain management and minimally invasive surgical solutions. The Company distributes proprietary products under such brand names as ALPS, Great Wall and NovoplastyTM, and serves as the exclusive China distribution partner for international orthopedic companies, such as NuVasive, Pioneer Surgical Technologies and Japan Medical Materials.

    According to Peter Slate, Chief Executive Officer of Bonovo Orthopedics, “OrbiMed and Legend have brought a wealth of global resources to Bonovo. We will benefit from their deep understanding of the healthcare market and strong China experience.” Chip Bao, PhD, President of Bonovo Asia, stated that, “The Series C capital raise provides Bonovo with ‘scale-up’ capital to continue our growth in China and throughout Asia.”

    “Bonovo has built a powerful platform to introduce advanced orthopedic technology and products to the rapidly growing Chinese market,” Dr. Jonathan Wang, Senior Managing Director of OrbiMed Asia, said. “Leveraging OrbiMed’s global network and resources, we will do our best to help Bonovo enhance this platform.” Bonovo’s Series C financing was the latest among the over 10 Asia-related investments OrbiMed had made over the past 12 months. Dr. Wang has joined Bonovo’s Board of Directors.