Lund, Sweden

Bonesupport is an orthobiologics company focused on developing and commercialising a pipeline of unique injectable drug-eluting, bioceramic bone graft substitutes based on its proprietary CERAMENT technology.

Investment Perspective

SEK 378m in (gross) proceeds from Bonesupport’s directed share issue will help it scale up and maintain necessary investment to drive CERAMENT’s growth trajectory. Bonesupport’s commercially driven strategy is delivering, with investment in new US sales territories converting into enhanced sales and new distributors now in place in key European countries. However, with the impact of the COVID-19 pandemic starting to be felt in Q120, guidance of 40+% annual revenue growth from 2020 will be off a lower base. H120 sales will be negatively impacted by postponed elective surgeries due to reprioritisation of healthcare resources; H220 is currently difficult to assess. Around 70% of proceeds will be directed into commercial activities, principally supporting CERAMENT G US launch (first approval could now occur in late 2020 following the De Novo FDA filing for chronic osteomyelitis in April) and in optimising infrastructure in Europe. We update our valuation to SEK41.5/share, or SEK2.62bn.

Market information

SymbolPrimary exchangeCurrency


Swings and roundabouts
Update | 29 Jun 2020
SEK 378m raised through directed share issue
Lighthouse | 28 May 2020
Accelerated FDA pathway for CERAMENT G
Lighthouse | 23 Mar 2020

Recent News

Q220 interim report
17 Jul 2020
FORTIFY patient enrolment finalised earlier than original plan
15 Jun 2020
Own sales organisation in the Netherlands
08 Jun 2020
Completion of SEK 378m directed share issue
27 May 2020