Healthcare Industry News: Spine Wave
News Release - February 16, 2006
Spine Wave Closes on $36.5 Million FinancingSHELTON, Conn.--(HSMN NewsFeed)--Feb. 16, 2006--Spine Wave, Inc., a developer of advanced materials, techniques, and implant systems for spine surgery, today announced the completion of a new $36,500,000 round of equity financing. The Series C round was led by existing investor New Enterprise Associates with new investor Foundation Medical Partners. Also participating in the financing were existing investors Canaan Partners, Morgenthaler Venture Partners, Sprout Capital, Thoma Cressey Equity Partners, CHL Medical Partners and California Technology Partners.
"We are all very excited about this financing," said Mark LoGuidice, Spine Wave's CEO and Chairman. "We welcome the addition of Foundation Medical Partners to an already strong investor syndicate and we are particularly pleased with the confidence that NEA and all of our existing investors have continued to display in Spine Wave's proprietary technologies and our ability to build a significant spine company. With this financing in place, the company is now well-positioned to further pursue our global clinical programs and to invest in building the commercial presence to support the launch of our first product, the StaXx(TM) XD Expandable Device. We are confident that 2006 will be a very exciting and productive year for Spine Wave."
Ryan Drant, who represents NEA on the Spine Wave board of directors, commented, "Mark and the experienced team at Spine Wave have made excellent clinical development progress with products for three different large-market clinical indications: lumbar fusion, vertebral compression fracture repair and disc repair. We are pleased to work with this strong management team and to play a part in funding Spine Wave to bring these exciting new products to market."
About Spine Wave:
Spine Wave is a medical device company focused on the development and marketing of clinical solutions for three of the largest and fastest growing spinal market segments: nuclear replacement and augmentation, vertebral compression fracture repair and spinal fusion.
The company's product portfolio includes the NuCore(TM) Injectable Nucleus, the StaXx(TM) FX Fracture Repair System, the StaXx(TM) XD Expandable Device, and several products in development.
For more information, visit Spine Wave's website at www.spinewave.com.
Source: Spine Wave
Issuer of this News Release is solely responsible for its
Please address inquiries directly to the issuing company.