Osteal Therapeutics, a clinical-stage biopharmaceutical company developing a new category of combination therapies for orthopedic infections, announced today the completion of an oversubscribed $23 million Series C equity financing. The proceeds leave Osteal well-funded to submit its New Drug Application (NDA) submission to FDA and accelerate preparation for commercial launch of VT-X7, its lead therapy for the treatment of periprosthetic joint infection (PJI).

Asteroid Partners led the round joined by new investor Gideon Strategic Partners and returning investors Johnson and Johnson Development Corporation (JJDC), HM Capital, Prism Ventures and Medvest Capital. In conjunction with the financing, Martin Sands and Steven Sands of Asteroid Partners will join the board as board member and observer respectively. Both will provide valuable insights as Osteal continues to pursue multiple growth paths.

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 periprosthetic joint infections, a serious complication of joint replacement surgery. x