Osteal Therapeutics, a clinical-stage biopharmaceutical company developing a new category of combination therapies for musculoskeletal infections, announced today the completion of an oversubscribed $30 million Series B equity financing. The proceeds will enable Osteal to continue development of its integrated technologies, advance the clinical development of its lead candidate, VT-X7 for treatment of periprosthetic joint infection and fund new research programs.

HM Capital led the round with full participation by existing investors Johnson and Johnson Development Corporation (JJDC) and Medvest Capital. In conjunction with the financing, Robert Luo, M.D., Managing Partner at HM Capital and Judson Cooper, Founding Principal of Prism Ventures LLC, joined the Board of Directors.

Osteal Therapeutics is a privately held, clinical-stage biopharmaceutical company developing novel musculoskeletal therapeutics to treat orthopedic infections and their consequences. The company is leveraging the ability of concentrated, locally delivered antimicrobials to treat the bacterial biofilms typically responsible for musculoskeletal infections while minimizing off-target tissue exposure and associated adverse effects. Osteal employs a low-risk development strategy by using approved drugs with long histories of safety and efficacy as candidates for new routes of local delivery. The company's lead candidate, VT-X7, is in Phase 2 development to treat chronic periprosthetic joint infections, a serious complication of joint replacement surgery.