Belgian cell therapy specialist Bone Therapeutics has raised 32.2 million euros in a heavily-oversubscribed initial public offering.

The IPO, on the Euronext exchanges in Brussels and Paris, was priced at 6.00 euros per share, giving the Gosselies-based ompany a market capitalisation of 104.8 million euros. Chief executive Enrico Bastianelli noted that the firm has been backed by “more than 50 new high quality European institutional and private investors”.

He added that Bone is “extremely pleased with the enthusiasm shown for the placement as demonstrated by the 2.5-times oversubscription”. The cash will be used to support development of two bone cell products.

The first, called Preob, is in Phase IIb/III studies for two indications - osteonecrosis and non-union fractures - and in Phase II for severe osteoporosis. Allob, its allogeneic ‘off-the-shelf’ bone cell product, is in Phase II for the treatment of delayed-union fractures and lumbar fusion for degenerative disease of the spine.