Bone Medical Ltd was originally incorporated as Bone Ltd in December 2002 in Jersey for the purpose of focusing on breakthrough treatments for bone and joint diseases and degeneration, in particular osteoporosis and arthritis.
Bone Ltd was formed by the shareholders of Proxima Concepts Limited (Proxima) and the company Licenced CaPTHymone and BN006 compounds from four subsidiary companies within the Proxima Group (“the Proxima Group”) under a Licence Agreement, and has the use of PLRS’s laboratory under a Research Agreement.
In January 2014 Bone Medical Ltd successfully completed a capital raising of $3,821,500 million through the placement of 9,553,750,000 shares at $0.0004 per share. The proceeds from the Placement are being applied towards advancing the Company’s product pipeline, seeking new strategic growth opportunities, rebuilding market value and general working capital purposes.
As part of the capital raising activities, the Company undertook a board restructure. Mr Robert Towner was appointed as the Non-Executive Chairman and Mr John Hannaford a Non-Executive Director of Bone’s Board of Directors. Mr Leon Ivory and Professor Peter Brookes from the Proxima Group resigned from the Board.
After the capital raising and Board changes, the Company undertook a 9 month period of evaluation of the Proxima Group’s oral delivery technologies and near completion of new product development studies. At the end of this period, Bone concluded that it was not in the commercial interests of the Company or its shareholders to continue with the Proxima Group and elected to terminate the Agreements with the Proxima Group.
Bone Medical’s current focus is to identifying new technology opportunities both in Health Science and other sectors with the objective of increasing shareholder value.