BELGRADE, Mont., Nov. 15, 2010 /PRNewswire-FirstCall/ -- Bacterin International Holdings, Inc. ("Bacterin" or the "Company") (OTC Bulletin Board: BIHI), a developer of anti-infective coatings for medical applications and revolutionary bone graft material, today reported financial results for its third quarter ended September 30, 2010. On July 1, 2010, as a result of the reverse merger transaction reported in the Company's Form 8-K dated June 30, 2010, Bacterin began trading as a public entity under the symbol BIHI.OB. During the third quarter, the Company completed a second and final closing on a private placement funding totaling $9.3 million, materially increased its direct and indirect biologics sales force, launched a marketing and sales initiative into the 6,000 medical facilities covered under the Broadlane® (a general purchasing organization) agreement, and received FDA approval to market its second coatings device (an antimicrobial needleless IV connector). Subsequent to third quarter end, Bacterin announced within its biologics division the launch of its third scaffold addressing dermal repair and within the company's coatings division a $237,000 grant was awarded from the Federal Government for its antimicrobial orthopedic surgical fixation devices.
Bacterin reported third quarter 2010 revenues of $4.2 million, a 203 percent increase from the prior year's third quarter revenues of $1.4 million and a 31 percent increase compared to revenues of $3.2 million in the second quarter of 2010. The Company's revenue growth acceleration reflected the impact of the implementation of a direct sales force effort, which commenced in July 2009. As of September 30, 2010, the Company's sales force totaled 35 biologics sales representatives, which has grown from 21 as of June 30, 2010. During October 2010, Bacterin further increased its sale