Why Is Bone Biologics Stock Surging On Friday?

Bone Biologics Corporation BBLG stock is trading higher on Friday, with a session volume of 17.22 million compared to the average volume of 38.795K as per data from Benzinga Pro.

The company filed a patent application with the U.S. Patent and Trademark Office (USPTO) for its preclinical NELL-1 protein.

Bone Biologics is focusing development efforts for its bone graft substitute product on bone regeneration in spinal fusion procedures. It additionally has rights to trauma and osteoporosis applications.

The patent application is directed to compositions of rhNELL-1 polypeptide and uses thereof for treating bone conditions.

“This patent application marks a major milestone in our mission to bring effective treatments to spine fusion patients,” said Jeffrey Frelick, CEO of Bone Biologics.

If approved, the patent application will strengthen Bone Biologics’ intellectual property portfolio and support the company’s strategic plan to advance the clinical development program.

Additionally, on Friday, Bone Biologics priced its public offering of 1.25 million shares, Series D warrants to purchase up to 1.25 million shares of common stock, and Series E short-term warrants to purchase up to 1.25 million at $4 per share and accompanying warrants.

The Series D and Series E warrants will have an exercise price of $4 per share.

Total gross proceeds are expected to be $5.0 million. If fully exercised on a cash basis, the warrants could generate $10 million in additional gross proceeds to the company.

The company plans to use the proceeds to fund clinical trials, maintain and extend its patent portfolio and for working capital and other general corporate purposes.

On Thursday, Bone Biologics said it regained compliance with the minimum bid price requirement under the Nasdaq Listing.

Earlier this month, Bone Biologics announced a reverse stock split of its shares of common stock at a ratio of 1-for-6.

BBLG Price Action: Bone Biologics stock is up 20.31% at $5.01 at publication on Friday.

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