Date: Oct 16, 2014 Source: PR Newswire (
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EDISON, N.J., Oct. 16, 2014 /PRNewswire/ -- Bone Biologics, Corp., ("Bone Biologics" or "The Company") a company developing a proprietary protein for use in bone regenerative medicine using the patented recombinant human protein known as UCB-1 (or Nell-1) for use with patients undergoing spinal fusion, announced today the completion of a reverse merger of privately held Bone Biologics, Inc. and AFH Acquisition X, Inc, a fully-reporting company with the Securities and Exchange Commission. Upon completion of the merger, the combined company changed its name to Bone Biologics, Corp and anticipates that trading in the Company's common stock will commence on the OTC Bulletin Board following regulatory approvals.
Following the completion of the merger, the Musculoskeletal Transplant Foundation (MTF), the nation's leading tissue bank and majority shareholder, remains as the largest shareholder. For the last eight years MTF has been an investor in Bone Biologics and will continue its support for the Company's development of Bone Biologics revolutionary bone growth factor. In connection with the merger, Bruce Stroever, the president and CEO of MTF, will serve as Chairman of the Bone Biologics Board and Michael Schuler, MTF's Vice President of New Business Development, will serve as Chief Executive Officer. William Jay Treat, PhD. was appointed the Company's President and Chief Technology Officer.
Nell-1, a bone growth factor has been developed by Bone Biologics, Inc. in partnership with University of California, Los Angeles (UCLA) as a more specific alternative to other bone growth factors used in health care today. In large animal studies, Nell-1 exhibited none of the side effects currently associated with other bone growth factors including ectopic bone growth, extraneous bone growth or cyst formation. The next phase will be completing the development and testing work needed to seek regulatory approval for the initial pilot study in human clinical trials.
William Jay Treat said, "We are pleased with the completion of this merger which will now allow the company to move from basic research to preparation for clinical trials. With our aging population and the growing need for regenerative bone solutions, we are optimistic that Bone Biologics will be an attractive and preferred solution in this dynamic and growing marketplace."
About Bone Biologics
Bone Biologics was founded by University of California Los Angeles professors in collaboration with an Osaka University professor, and a USC surgeon in 2004. Formed to pursue regenerative medicine for bone, the company currently has as its strategic partners the Musculoskeletal Transplant Foundation, the nation's leading tissue bank and Orthofix a leading global medical device company. Bone Biologics is currently focused on bone regeneration in spinal fusion using its recombinant human protein known as Nell-1. Nell-1 is an osteoinductive orthobiologic; a recombinant protein that provides control over bone regeneration. This patent protected technology has been exclusively licensed to Bone Biologics from UCLA. For more information visit www.bonebiologics.com.
The Musculoskeletal Transplant Foundation, a non-profit organization based in Edison, NJ, is a national consortium comprised of leading organ procurement organizations, tissue recovery organizations and academic medical institutions. Since its inception in 1987 MTF has received tissue from more than 100,000 donors and distributed more than five million grafts for transplantation. For more information visit www.mtf.org
This press release contains forward-looking statements that reflect the Company's current beliefs, expectations or intentions regarding future events. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "will," "will be," "anticipate," "predict," "continue," "future ," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company's expectations with respect to trading in the Company's common stock on the OTC Bulletin Board; the next phase of the Company's development and testing work; the Company's expectation about moving its technology forward and setting the stage for future growth and enhanced shareholder value; and the future need for regenerative bone solutions. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of the Company and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: future revenues, expenditures, capital or other funding requirements, the adequacy of the Company's current cash and working capital to fund present and planned operations and financing needs, expansion of and demand for product offerings, and the growth of the Company's business and operations through acquisitions or otherwise, as well as future economic and other conditions both generally and in the Company's specific geographic and product markets. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent current report on Form 8-K, filed with the Securities and Exchange Commission on September 25, 2014. The Company anticipates that subsequent events and developments may cause their views and expectations to change. The Company assumes no obligation, and they specifically disclaim any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.