Healthcare Industry News: Paradigm Spine
News Release - May 9, 2006
Paradigm Spine Completes $14 Million Private PlacementSeries C financing to fund US IDE clinical studies and continue the expansion of the Company's international operations
NEW YORK, May 9 (HSMN NewsFeed) -- Paradigm Spine, LLC ("Paradigm") announced today the completion of the Company's $14 million Series C private placement. The private placement was handled by Viscogliosi & Co, Inc., an investment bank founded by Viscogliosi Brothers, LLC.
Paradigm is a leading provider of posterior stabilization technologies to the international spine community. The Company was founded in 2004 by Viscogliosi Brothers, LLC, a leading New York-based merchant banking firm specializing in the musculoskeletal/orthopedic sector.
"I want to thank our investors for their support and for believing in the vision we are creating," said Marc R. Viscogliosi, Paradigm's Chairman and CEO. "With the close of this financing the Company is well funded and positioned to pursue our global vision. We intend to be the leading provider of indication-specific posterior non-fusion solutions that will provide surgeons with the best treatments to improve their patients' lives."
Larry H. Weinberg, Viscogliosi & Co, Inc. Chairman and Chief Executive Officer said: "Paradigm initially planned to raise $6 million to $10 million. The fact that they were able to exceed that amount is a tribute to Marc and his German and U.S. management team. Investors recognized the unique opportunity to invest directly in a Viscogliosi-Brothers-sponsored entity. This financing will help Paradigm achieve and maintain a leadership position in the spine nonfusion marketplace."
The Series C financing was raised by Viscogliosi & Co, Inc. from prominent spine and orthopedic surgeons and a select group of individual investors. The proceeds from this financing will be used to drive further international expansion of the coflex(TM) technology, fund the Company's US clinical efforts involving the coflex(TM) device and the Orthobiom(TM) system, and to expand Paradigm's technology portfolio through organic product development or continued acquisition of spine non-fusion technologies and intellectual property.
This is Paradigm's third financing round. Collectively, in the Series A and B financings, the Company raised $15.5 million, with $5.5 million in cash and $10 million in foundational assets and IP contributed by Viscogliosi Brothers, LLC. Today, the Company has 34 employees between the New York headquarters and the Wurmlingen, Germany office, including a seven member direct sales force in Germany.
About Paradigm Spine, LLC
The company is concentrating on building a multi-product non-fusion portfolio. One product is the coflex(TM) device, a posterior non-fusion interspinous dynamically-functional implant, which has a long clinical history of over a decade of use and has been implanted in more than 15,000 patients suffering from low back pain and lumbar spinal stenosis.
Paradigm Spine's second core platform is the Orthobiom(TM) technology, also in development for over a decade. The Orthobiom(TM) technology treats adolescent idiopathic scoliosis, a condition in children which causes severe curvature of the spine and which is usually surgically treated with a spinal fusion procedure. The Orthobiom(TM) system is a non-fusion alternative designed to preserve the motion and growth of the child's spine. It is a revolutionary product that could potentially help the lives of tens of thousands of children each year.
For more, visit: http://www.paradigmspine.com
Source: Paradigm Spine
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