Bone Biologics Corporation (NASDAQ:BBLG), a micro-cap biotechnology company with a market capitalization of $3.72 million, announced Thursday it expects to complete enrollment in its first-in-human clinical trial for its NB1 bone graft product by the end of 2025, according to a letter to stockholders from President and CEO Jeffrey Frelick.
The multicenter study, which began last year in Australia, is evaluating the safety and preliminary effectiveness of NB1 in patients with degenerative disc disease undergoing transforaminal lumbar interbody fusion. The trial is comparing two concentrations of NB1 against autograft control in up to 30 subjects.
NB1 combines the recombinant human protein NELL-1 with demineralized bone matrix and is being developed for spinal fusion applications. The company reports that recent stability studies have extended the product’s shelf life to 18 months from the previous 12 months.
Frelick outlined several anticipated milestones for the coming year, including adding more hospital sites in Australia, further extending shelf life to 24 months, developing an enhanced potency assay, and providing an interim update once all patients reach six-month follow-up.
The company completed a public offering on June 30, raising $5 million in gross proceeds, which it expects will fund operations into the second quarter of 2026.
Bone Biologics is positioning NB1 as a potential alternative for spinal fusion procedures, particularly for patients with difficult-to-heal bones. The company believes the product may offer improved safety and fusion rates compared to existing options. While trading near its 52-week low of $2.03,
In other recent news, Bone Biologics Corporation has announced a 1-for-6 reverse stock split, which will take effect at the start of trading on June 10, 2025. This move was approved by stockholders during the annual meeting on May 30, 2025. The reverse stock split will consolidate every six shares of issued and outstanding common stock into one share. The company’s board of directors authorized the split within a range of 1-for-2.5 to 1-for-10, ultimately deciding on the 1-for-6 ratio. Bone Biologics will continue trading under the same symbol, BBLG, on Nasdaq, but will have a new CUSIP number, 098070600. The par value per share will remain unchanged at $0.001. Additionally, adjustments will be made to the per-share exercise prices and the number of shares issuable under all outstanding warrants and equity awards to reflect the reverse stock split. These developments are part of Bone Biologics’ recent activities.
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