Healthcare Industry News: Spineology
News Release - July 15, 2008
Spineology Secures $7.5 Million in Financing; Company Poised to Expand Commercialization and Development in $4 Billion Spine MarketST. PAUL, Minn.--(HSMN NewsFeed)--Spineology Inc., manufacturer of the OptiMesh Deployable Grafting System and pioneer in developing minimally invasive spinal surgery devices, has closed on $7.5 million financing. The proceeds from this financing are expected to fund additional commercialization, product development and clinical research efforts for the company, which serves the $4 billion spinal market.
“We’re at a pivotal stage in our growth process,” said John Booth, CEO for Spineology. “The company has made significant strides in many areas over the last few years with very limited capital resources. With this new capital, we are well positioned to expand on all fronts of the business.”
This round of financing was a private placement, led by Minneapolis-based Oakridge Financial and includes multiple investors. The finance announcement follows the recent addition of eight direct sales representatives and the ongoing expansion of Spineology’s distributor network.
“Spineology is an exciting story,” said Tom Niemiec, of Oakridge Financial. “The company has moved to the forefront in spinal device innovation. As it continues to grow, Spineology will be a company to watch.”
Founded in 1997, Spineology has become a MIS pioneer in the spinal implant industry. The company’s platform technology, The OptiMesh System, is designed to enable spine surgery to be done in a dramatically less invasive manner. The OptiMesh Deployable Grafting System works by allowing implants to be inserted empty and then deployed to their full size, once in position. The OptiMesh implant is currently FDA-cleared in the United States and CE-marked in Europe. Spineology is headquartered in St. Paul, Minn. For more information, please visit www.Spineology.com
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