Healthcare Industry News: cervical spine
News Release - September 19, 2006
LDR Closes on $14 Million Series B Round of FundingAUSTIN, Texas--(HSMN NewsFeed)--Sept. 19, 2006--LDR , a privately held company that is an innovator in non-fusion and fusion spinal implants, has completed a $14MM Series B funding round, with $5MM of that amount coming from new outside investors. All original investors also participated in this round including Austin Ventures, Rothschild Private Equity, PTV Sciences and Path4 Ventures.
The Series B financing will be used to support the IDE studies of its ground breaking second generation artificial discs for cervical and lumbar applications and to drive continued global revenue growth and expansion into the U.S. spinal sales market.
Christophe Lavigne, CEO of LDR Holdings said, "We are pleased with this strong display of confidence from our existing investors. This round of funding will be used for our continued sales growth in over 26 countries throughout the world along with providing critical support of the U.S. based, FDA-approved study for our Mobi-C® second generation cervical disc."
Reginald J. Davis, M.D., a prominent neurosurgeon with Greater Baltimore Neurological Associates in Baltimore, Maryland comments, "The LDR team is impressive in what they have done over the past several years. Their products are unique and surgeons have enthusiastically supported LDR innovations such as Easyspine®, Mobidisc® and especially Mobi-C. I am pleased to be working with this team on the IDE study for their second generation disc, Mobi-C. I am also excited about the study's two-level option - this is an important, emerging market need."
LDR was founded in 2000 by seasoned spine executives after their successful experience in the design and market introduction of the industry's first iteration of artificial discs. LDR was created to bring innovative non-fusion and fusion spine implants that address unmet or underserved needs to market. The company's flagship product is Mobi-C, a true second generation cervical artificial disc. Mobi-C was first introduced in late 2004 and subsequently implanted in over 900 patients outside the U.S. The company has recently focused on gaining eventual approval for Mobi-C in the U.S. via an FDA approved Investigational Device Exemption (IDE) study for both single and two-level implantation of the device.
The Mobi-C is designed to provide six degrees of freedom via a mobile bearing technology, thereby better replicating the natural kinematics of the spine. The product also includes a "keel-less" feature that provides for minimal disruption to the cervical spine during implantation. The approved Mobi-C cervical disc IDE study is significant because it allows for one or two-level implantation. The design features mentioned above make this device ideally suited for two level surgeries, an anticipated indication for many patients throughout the world.
LDR works closely with surgeons to develop implantable spine systems and instrumentation that restore optimum stability and mobility to patients and to make spine surgery more reproducible and easier to perform. More information is located at www.ldrholding.com.
Caution: Mobi-C is an Investigational device in the U.S. and is limited by U.S. law to investigational use.
Caution: Mobidisc is not available for sale or use in the U.S.
Source: LDR Spine
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