Symmetry Medical Inc., a Warsaw, Ind.-based provider of equipment for orthopedic medical device manufacturers, will begin trading on the NYSE under ticker symbol SMA. The company priced eight million common shares at $15 per share, for a total IPO take of $120 million. It originally had filed to raise $172.5 million, although its only proposed IPO terms included the eight million shares at a range of $13 to $15 per share. Symmetry Medical was acquired in October 2000 by funds affiliated with Olympus Partners. Windjammer Capital Management also was listed as a significant shareholder. www.symmetrymedical.com
9 Dec 2004
Monday 1 June 2009
Spine Wave raise $36.5M
Spine Wave Inc., a Shelton, Conn.-based developer of materials, techniques and implant systems for spinal surgery, has raised $36.5 million in Series C funding. Foundation Medical Partners and return backer New Enterprise Associates co-led the deal, and were joined by existing shareholders Canaan Partners, Morgenthaler Venture Partners, Sprout Capital, Thoma Cressey Equity Partners, CHL Medical Partners and California Technology Partners. The company has raised over $85 million in total VC funding since its 2001 inception. www.spinewave.com
16 Feb 2006
16 Feb 2006
Spinal Motion raise $20.11M
SpinalMotion Inc., a Mountain View, Calif.-based developer of artificial spinal disks, has raised $20.11 million in Series B funding, according to a regulatory filing. Participants included Three Arch Partners and Thomas Weisel Healthcare Venture Partners. www.spinal-motion.com
18 March 2005
18 March 2005
Small Bone Innovations raise $42.2M
Small Bone Innovations Inc., a New York-based orthopedic device maker focused on arthritis and trauma in small bones and joints, has raised $42.2 million in Series B funding. NGN Capital and 3i Group co-led the deal, and were joined by Axiom Venture Partners, TGap, company employees, unnamed orthopedic surgeons and company founder Viscogliosi Brothers. www.totalsmallbone.com
4th Jan 2006
4th Jan 2006
Ranier Technology raise £4M
Ranier Technology , a Cambridge , UK-based medical device company whose products include on spinal disc implants, has raised £4 million British pounds of Series B money from existing investor FNI Capital. FNI is the UK VC arm of Germany 's Renate Nixdorf Vewaltungsgesellschaft GmbH. www.ranier.co.uk.
Pioneer Surgical Technology raise $30.5M
Pioneer Surgical Technology, a Marquette, Michigan, based maker of spinal and orthopedic implants, has raised $30.5 million in new VC funding. Pharos Capital Group led the deal, and was joined by Highlander Partners, Hopewell Ventures and River Cities Capital Funds. www.pioneersurgical.com
20 Dec 2006
20 Dec 2006
Pioneer Surgical Technology acquire Angstrom Medica
Pioneer Surgical Technology, a Marquette, Michigan, based maker of spinal and orthopedic implants, has acquired Angstrom Medica Inc., a Woburn, Mass.-based developer of an implantable nanotech-based medical device that can remodel human bone. No financial terms were disclosed. Pioneer has raised over $32 million in VC funding from such firms as Pharos Capital Group, Highlander Partners, Hopewell Ventures and River Cities Capital Funds.
Oct 2007
Oct 2007
Pegasus Biologics raise $10M
Pegasus Biologics Inc., an Irvine, Calif.-based medical device company focused on the repair of soft-tissue defects in orthopedic, spine and neurosurgery, has raised $10 million in Series B funding. Three Arch Partners and Frazier Healthcare Ventures co-led the deal, and were joined by Life Science Angel Investors. www.pegasusbiologics.com
8 June 2005
8 June 2005
LDR Spine formed by Venture led group
LDR Spine USA Inc., an Austin, Texas-based provider of fusion and non-fusion technologies to spinal surgeons, has been formed by, Austin Ventures, LDR Medical, the Rothschild Group and PTV Sciences.
14 Dec 2004
14 Dec 2004
Isto Technolgies raise $8.8M
Isto Technologies Inc., a St. Louis-based orthobiologics company, has raised $8.8 million in Series E funding, according to VentureWire. Ascension Health Ventures led the deal, and was joined by return backers Alafi Capital, Life Sciences Partners, Mid-America Transplant Services and individual angels. Isto has raised nearly $26 million in total VC funding since 2000. www.istotech.com
3rd August 2007
3rd August 2007
Innovative Spinal Technologies raise $39M
Innovative Spinal Technologies Inc., a med-tech company focused on minimally-invasive procedures for spinal disorders, has raised $39 million in Series B funding. Participants included OrbiMed Advisors, MPM Capital and JPMorgan Partners co-led the deal. In other IST news, the company is moving its headquarters from Plano, Texas to Boston. www.istspine.com
2 Aug 2005
2 Aug 2005
HydroCision raise $12.7M
HydroCision Inc., a Billerica, Mass.-based developer of fluid-based tools for spinal surgery, has raised $12.7 million in new VC funding. Triathlon Medical Ventures led the deal, and was joined by return backers Oxford Bioscience Partners and Zero Stage Capital. www.hydrocision.com
8 Dec 2006
8 Dec 2006
Flexuspine raise $3.12M
Flexuspine Inc., a Tyler, Texas-based device company focused on replacement of the functional spinal unit, has secured $3.12 million of a $9.1 million Series B round. Backers include Warburg Pincus, The Vertical Fund, Onset Venture Partners and Morningstar Asset Management. www.flexuspine.com
21 Auug 2006
21 Auug 2006
Spinal surgery developer Endius raise $15M
Endius Inc., a Plainville, Mass.-based developer of minimally-invasive spinal surgery technologies, has received $15 million in commitments for a Series B recap round. The deal involves three tranches, with participants including The Carlyle Group, EGS Healthcare, Hillman Medical Ventures and Morgan Stanley, Dauphin Capital Partners and Trellis Health Ventures. www.endius.com
23 May 2005
23 May 2005
Australian Spinal Implant developer Columna raise $3.5M
Columna, an Australia-based developer of spinal implant technology, reportedly has raised Au$3.5 million in VC funding from Queensland BioCapital Fund.
18 July 2005
18 July 2005
Orthopaedic implant specialist ConforMIS raise $50M
PRESS RELEASE
In its largest round of funding to date, privately-held medical-device company ConforMIS, Inc. raised $50 million from private-equity and sovereign-wealth funds in the U.S., Asia, Europe and the Middle East. ConforMIS reached this milestone in June, in a process that began in 2008.
“With this round of funding, we believe we are well positioned to continue investing in our breakthrough, patient-specific orthopedic implant technologies. Our technology platforms provide a scalable approach to the patient-specific design and manufacture of not just the instruments, but the actual implants as well,” said Philipp Lang, MD, Chief Executive Officer and Chairman of the Board of ConforMIS. “With our personalized approach to both the implants and instruments, we think the potential for product and business model innovation is substantial.”
Founded in 2004, ConforMIS has developed and commercialized the first and only line of personalized resurfacing implants and instruments for the routine treatment of knee osteoarthritis, a $6 billion global market. ConforMIS implants are a less-invasive, patient-specific alternative to traditional total knee replacement, which uses off-the-shelf components that may require significant removal of healthy tissue during the procedure. ConforMIS custom designs and manufactures each implant from an individual’s CT or MRI scan, providing a conforming fit that matches the patient’s anatomy and may potentially result in less traumatic surgery, more natural kinematics, and quicker recovery.
On the strength of this unique approach, ConforMIS attracted capital sources from a variety of global investors. Primary funding sources for this round include later-stage and cross-over funds and international government funds. ConforMIS is now backed by several multi-billion dollar international private-equity funds, with the single largest Series D investor being Aeris Capital (Zurich, Switzerland and Palo Alto, CA). Other investors in this round include equity funds from Asia, Germany, and the Middle East, including two sovereign-wealth funds, as well as venture funds who participated in previous rounds.
ConforMIS’ proprietary technology for custom implants and instruments is supported by more than 250 patents and patent applications, including several foundational patents awarded this year. Its technology and intellectual property apply not just to knee replacement, the largest single category of orthopedics, but broadly to the more than $20 billion global orthopedics market.
ConforMIS recently announced that it has received CE Mark certification for its iDuo® bicompartmental knee resurfacing system. The company had previously received CE Mark for its iForma® implant and its iUni® unicompartmental knee resurfacing system. All devices have been cleared by the U.S. Food and Drug Administration for marketing in the U.S. For more information on ConforMIS and its line of products, please visit www.conformis.com.
About ConforMIS, Inc.
ConforMIS, Inc. is a privately-held company that develops and commercializes medical devices for osteoarthritis treatment and joint damage. Its proprietary intellectual property includes more than 250 patents and patent applications in the areas of imaging software, image processing, implant design, surgical techniques, instrumentation, and manufacturing. ConforMIS knee implants and instrumentation are designed to address all stages of osteoarthritis, the most common reason for knee replacement surgery. All devices have been cleared by the U.S. Food and Drug Administration for marketing in the U.S. In 2009, ConforMIS was named a winner of the Medical Design Excellence Award, the premier recognition for contributions and advances in the design of medical products, for its iUni® and iDuo® resurfacing implants.
In its largest round of funding to date, privately-held medical-device company ConforMIS, Inc. raised $50 million from private-equity and sovereign-wealth funds in the U.S., Asia, Europe and the Middle East. ConforMIS reached this milestone in June, in a process that began in 2008.
“With this round of funding, we believe we are well positioned to continue investing in our breakthrough, patient-specific orthopedic implant technologies. Our technology platforms provide a scalable approach to the patient-specific design and manufacture of not just the instruments, but the actual implants as well,” said Philipp Lang, MD, Chief Executive Officer and Chairman of the Board of ConforMIS. “With our personalized approach to both the implants and instruments, we think the potential for product and business model innovation is substantial.”
Founded in 2004, ConforMIS has developed and commercialized the first and only line of personalized resurfacing implants and instruments for the routine treatment of knee osteoarthritis, a $6 billion global market. ConforMIS implants are a less-invasive, patient-specific alternative to traditional total knee replacement, which uses off-the-shelf components that may require significant removal of healthy tissue during the procedure. ConforMIS custom designs and manufactures each implant from an individual’s CT or MRI scan, providing a conforming fit that matches the patient’s anatomy and may potentially result in less traumatic surgery, more natural kinematics, and quicker recovery.
On the strength of this unique approach, ConforMIS attracted capital sources from a variety of global investors. Primary funding sources for this round include later-stage and cross-over funds and international government funds. ConforMIS is now backed by several multi-billion dollar international private-equity funds, with the single largest Series D investor being Aeris Capital (Zurich, Switzerland and Palo Alto, CA). Other investors in this round include equity funds from Asia, Germany, and the Middle East, including two sovereign-wealth funds, as well as venture funds who participated in previous rounds.
ConforMIS’ proprietary technology for custom implants and instruments is supported by more than 250 patents and patent applications, including several foundational patents awarded this year. Its technology and intellectual property apply not just to knee replacement, the largest single category of orthopedics, but broadly to the more than $20 billion global orthopedics market.
ConforMIS recently announced that it has received CE Mark certification for its iDuo® bicompartmental knee resurfacing system. The company had previously received CE Mark for its iForma® implant and its iUni® unicompartmental knee resurfacing system. All devices have been cleared by the U.S. Food and Drug Administration for marketing in the U.S. For more information on ConforMIS and its line of products, please visit www.conformis.com.
About ConforMIS, Inc.
ConforMIS, Inc. is a privately-held company that develops and commercializes medical devices for osteoarthritis treatment and joint damage. Its proprietary intellectual property includes more than 250 patents and patent applications in the areas of imaging software, image processing, implant design, surgical techniques, instrumentation, and manufacturing. ConforMIS knee implants and instrumentation are designed to address all stages of osteoarthritis, the most common reason for knee replacement surgery. All devices have been cleared by the U.S. Food and Drug Administration for marketing in the U.S. In 2009, ConforMIS was named a winner of the Medical Design Excellence Award, the premier recognition for contributions and advances in the design of medical products, for its iUni® and iDuo® resurfacing implants.
Carbylan BioSurgery raise $20M
Carbylan BioSurgery Inc., a Palo Alto, Calif.-based developer of bioresponsive devices for osteoarthritis and chronic rhinosinusitis, has raised $20 million in Series B funding.Vivo Ventures led the deal, and was joined by return backers Alta Partners and InterWest Partners.Carbylan raised a $7.9 million Series A round in late 2005.
26 Nov 2007
26 Nov 2007
Orthopaedic device maker B1 Medical raise £1.3M
B1 Medical, a UK-based company focused on commercialization of orthopedic medical devices, has raised £1.3 million in first-round funding.
The investment comes from Sigma Technology Venture Fund, a fund managed by the quoted asset management group, Sigma Capital Group plc, which put in GBP 800,000, alongside the Scottish Co-investment Fund, which invested GBP 500,000.
The Scottish Co-investment Fund is a GBP 45m equity investment fund set up by Scottish Enterprise, and part funded by the European Regional Development Fund to invest from GBP 50,000 to GBP 500,000 in funding rounds of between GBP 100,000 and GBP 2m.
On completion of this investment the three founding institutions exclusively licensed a portfolio of eight patents to B1 Medical. These cover products ranging from joint replacement devices to systems to speed up operations and promote faster recovery, as well as software to aid in the prediction of individuals who are likely to develop osteoarthritis, osteoporosis and fractures.
Stephen Logan, Senior Vice-Principal, of Aberdeen University said, “B1 Medical represents an exciting and unique model of commercialisation where the institutions have recognised the value of working together to bundle intellectual property to create this new spin-out.”
As part of the deal B1 Medical was granted an exclusive ten-year first option over all future medical devices for orthopaedics developed by the founders.
B1 Medical’s relationship with the institutions gives it access to a pool of scientists and clinicians who will both generate new intellectual property and assist with research and development of the existing projects.
The first funding round will be used to begin commercialisation of the current portfolio. It is anticipated that further rounds will be raised over the next 12-18 months and an IPO is currently under consideration for 2007.
17 August 2006
The investment comes from Sigma Technology Venture Fund, a fund managed by the quoted asset management group, Sigma Capital Group plc, which put in GBP 800,000, alongside the Scottish Co-investment Fund, which invested GBP 500,000.
The Scottish Co-investment Fund is a GBP 45m equity investment fund set up by Scottish Enterprise, and part funded by the European Regional Development Fund to invest from GBP 50,000 to GBP 500,000 in funding rounds of between GBP 100,000 and GBP 2m.
On completion of this investment the three founding institutions exclusively licensed a portfolio of eight patents to B1 Medical. These cover products ranging from joint replacement devices to systems to speed up operations and promote faster recovery, as well as software to aid in the prediction of individuals who are likely to develop osteoarthritis, osteoporosis and fractures.
Stephen Logan, Senior Vice-Principal, of Aberdeen University said, “B1 Medical represents an exciting and unique model of commercialisation where the institutions have recognised the value of working together to bundle intellectual property to create this new spin-out.”
As part of the deal B1 Medical was granted an exclusive ten-year first option over all future medical devices for orthopaedics developed by the founders.
B1 Medical’s relationship with the institutions gives it access to a pool of scientists and clinicians who will both generate new intellectual property and assist with research and development of the existing projects.
The first funding round will be used to begin commercialisation of the current portfolio. It is anticipated that further rounds will be raised over the next 12-18 months and an IPO is currently under consideration for 2007.
17 August 2006
Surgical implant maker Ascension Orthopedics raises $21M
Ascension Orthopedics Inc., an Austin, Texas-based maker of joint replacement, trauma and tissue regeneration surgical implants for use in upper and lower extremities, has raised $21 million in Series D funding led by Frazier Healthcare Ventures. The company also named a new CEO: Andrew Miclot, former global senior VP of marketing orthopedics for Orthofix.
22 Jan 2008
22 Jan 2008
Orthopaedic implant maker Amedica files for IPO
Amedica Corp., a Salt Lake City-based maker of orthopedic implants, has filed for a $74.75 million IPO. It plans to trade on the Nasdaq under ticker symbol AMCA, with Morgan Stanley serving as lead underwriter. Amedica has raised over $44 million in total funding since November 2003, including a $13.2 million Series D round earlier this month. Shareholders include Vestal Venture Capital and Creation Capital.
23rd May 2007
23rd May 2007
Spinal device maker Cortek acquired
Alphatec Spine Inc., a Carlsbad, Calif.–based spinal implant company owned by HealthpointCapital, has acquired Cortek Inc., a Dedham, Mass.-based manufacturer of allografts for spinal inter-body fusion. Cortek has raised approximately $30 million in VC funding from firms like Partech International, Delphi Ventures, Galen Associates, The Kaufman Fund and Prism Venture Partners. www.alphatecspine.com www.cortekinc.com
14 Sep 2005
14 Sep 2005
Voice recognition company Agnitio raise EUR2.6M
Dec 18th 2007
Nauta Capital‘s venture capital entity Nauta Tech Invest II has invested approximately EUR2.6 million in Agnitio, a Spain-based developer of biometric voice recognition solutions The operation has been carried out through a capital increase in Agnitio, subscribed by Nauta, as well as the acquisition of the shares of some of the minority shareholders. This transaction makes Nauta the shareholder of reference in the technology company.
A4Vision acquired by Bioscrypt
25 Jan 2007
Bioscrypt Inc. (TSX: BYT) has agreed to acquire A4Vision Inc., a Sunnyvale, Calif.-based provider of identification systems using 3D facial imaging and recognition technology. No financial terms were disclosed. A4Vision had raised over $25 million in VC funding since its 2001 inception, from firms like MyQube, Hanna Ventures, In-Q-Tel, Motorola Ventures, Menlo Ventures, Stanford University and Sunrise Capital. www.bioscrypt.com www.a4vision.com
Bioscrypt Inc. (TSX: BYT) has agreed to acquire A4Vision Inc., a Sunnyvale, Calif.-based provider of identification systems using 3D facial imaging and recognition technology. No financial terms were disclosed. A4Vision had raised over $25 million in VC funding since its 2001 inception, from firms like MyQube, Hanna Ventures, In-Q-Tel, Motorola Ventures, Menlo Ventures, Stanford University and Sunrise Capital. www.bioscrypt.com www.a4vision.com
Security identification specialist A4 Vision raises $4.8M
28 October 2004
A4Vision Inc., a Cupertino, Calif.-based provider of identification software and 3D facial imaging technologies, has raised $4.8 million in new Series B funding. Investors included TAKO Ventures, FusionTech, NTT Leasing Co. and Stanford University. The company now has raised a total of $17.6 million in Series B funding, and $23.3 million overall. www.a4vision.com
A4Vision Inc., a Cupertino, Calif.-based provider of identification software and 3D facial imaging technologies, has raised $4.8 million in new Series B funding. Investors included TAKO Ventures, FusionTech, NTT Leasing Co. and Stanford University. The company now has raised a total of $17.6 million in Series B funding, and $23.3 million overall. www.a4vision.com
Security identification specialist A4 Vision receives funding.
9 March 2005
A4Vision Inc., a Sunnyvale, Calif.-based provider of identification software and 3-D facial imaging products, has received strategic funding from both Motorola Ventures and In-Q-Tel, the venture capital arm of the CIA. No financial terms of either agreement were disclosed. www.a4vision.com
A4Vision Inc., a Sunnyvale, Calif.-based provider of identification software and 3-D facial imaging products, has received strategic funding from both Motorola Ventures and In-Q-Tel, the venture capital arm of the CIA. No financial terms of either agreement were disclosed. www.a4vision.com
Semiconductor MVD Specialist Applied Microstructures raise $8.5M
April 2005.
Molecular Vapour Deposition specialist Applied MicroStructures raise $8.5 Million.
www.appliedmst.com
Molecular Vapour Deposition specialist Applied MicroStructures raise $8.5 Million.
www.appliedmst.com
MEMS Developer Innovative Micro Technology raises $17M
2007
Innovative Micro Technology, a company that spun out of the remains of defunct Applied Magnetics Corp., has raised $17 million in its first round of institutional funding. Investor Growth Capital led the deal, and was joined by BA Venture Partners and Miramar Venture Partners.
MEMS Developer Axsun Technologies raise $15M
7 November 2006
Axsun Technologies, Inc. to Expand MEMS-Based Offerings in Industrial Process Spectroscopy, Homeland Security and Optical Communications Following Closure of $15M Series D FundingESI, Inc leads financing round, joining previous venture capital and private investorsBillerica, MA – (November 7, 2006) - Axsun Technologies, Inc., a leading manufacturer of MEMS-based micro-optoelectronic “spectral engines,” announced today the closure of a $ 15 M financing round. Electro Scientific Industries, Inc. (ESI; Nasdaq: ESIO), a leading supplier of innovative production laser systems for microengineering applications, led the Series D equity round, which was joined by current investors Prism Venture Partners, Vantage Point Venture Partners and Stata Venture Partners along with other private investors. In addition to the equity financing, Axsun closed an asset backed loan agreement with Bridge Bank. Axsun will use the proceeds to enhance its core “spectral engine” offerings in industrial process spectroscopy, including the PAT Pharmaceutical, homeland security and optical communications markets. Axsun, Inc., has invited Steve Harris, vice president of R&D at ESI, to join its board of directors. Mr. Harris joins Ray Stata, Axsun CEO Dale Flanders, Bill Seifert from Prism Ventures and David Fries from Vantage Point Venture Partners on the board
Florida based AOI Medical floats on UK AIM Market
2007 June 28 AOI Medical raised £8 million in a listing on the Alternative Investment Market (AIM) in London. The company issued 2.3 million shares at £P3.44 each, giving a market capitalisation of £29 million.
Since incorporation in November 2004, the Company has progressed the development of three separate key technology platforms:
Ascendx VCF Reduction System (“Ascendx”)
a set of tools for use in restoring the anatomical integrity of vertebra. This is
intended to address a vertebral compression fracture (“VCF”) of the spine
caused by osteoporosis or trauma.
Balloon Assisted Management of Trauma Fractures (“BAMF Trauma”)
a removable, expandable rod for the stabilization of fractures of the long bones
of the arms and legs.
Motion Preserving Cervical Dynamic Stabilization Plate (“Cervical Plate”)
an anterior, semi-constrained artificial ligament providing limited translational and
rotational stabilization forces at the site of an intervertebral graft, implant or
prosthesis subsequent to cervical spine surgery.
www.aoimedical.net
Since incorporation in November 2004, the Company has progressed the development of three separate key technology platforms:
Ascendx VCF Reduction System (“Ascendx”)
a set of tools for use in restoring the anatomical integrity of vertebra. This is
intended to address a vertebral compression fracture (“VCF”) of the spine
caused by osteoporosis or trauma.
Balloon Assisted Management of Trauma Fractures (“BAMF Trauma”)
a removable, expandable rod for the stabilization of fractures of the long bones
of the arms and legs.
Motion Preserving Cervical Dynamic Stabilization Plate (“Cervical Plate”)
an anterior, semi-constrained artificial ligament providing limited translational and
rotational stabilization forces at the site of an intervertebral graft, implant or
prosthesis subsequent to cervical spine surgery.
www.aoimedical.net
Orthopaedic device maker Exactech acquires Altiva
Altiva Acquisition Press Release 2007 December 11th.
Exactech, Inc. (NASDAQ:EXAC), a rapidly growing orthopaedic device manufacturer, announced today that it intends to exercise its 2003 investment agreement option to acquire the stock and assets of Altiva Corporation, a North Carolina-based spinal products company engaged in the research, development, manufacture and marketing of spinal implant devices and related products. Altiva offers a spinal fusion product line with implants and instrumentation that address the major indicated spinal pathologies and focus areas of traditional spinal surgery.
Exactech Chairman and CEO Bill Petty said, "Exactech invested in Altiva during October 2003, while Altiva was in its formative stage as a spinal products company. Since that time, with the investment and credit line secured by Exactech, Altiva has combined acquisitions of intellectual property with various distribution agreements to assemble a strong spinal products portfolio. We are pleased that Exactech's first acquisition includes Altiva's experienced spinal management team, and brings together employees of two companies with similar cultures, a strong focus on customer service and a commitment to improving patient outcomes."
The pre-determined $25.0 million purchase valuation of Altiva is based on Exactech's sales multiple and Altiva's trailing 12 months revenue. Exactech's final payment of $7.0 million will consist of a combination of cash and Exactech common stock and is expected to be funded from its current financing facilities. Altiva's annualized sales revenue is approximately $13 million, based on the results of the first nine months of 2007. Altiva is expected to break even in terms of operating profit in the first half of 2008. Exactech expects the transaction to be neutral to earnings in 2008 and accretive in 2009.
As a wholly owned subsidiary of Exactech, Altiva will continue to operate from its Charlotte, North Carolina, headquarters and will maintain separate sales, marketing, engineering and operational functions.
Altiva President and CEO Craig Corrance notes, "Exactech has been an excellent strategic partner for Altiva. Our synergistic approach to surgeon relations and product development will help enable Altiva and Exactech to reach shared goals. We look forward to continued strong growth in the spinal products market."
Altiva Corporation develops and markets spinal implant technologies and related products. The company has multiple development projects underway, most notably a collaboration with a leading group of spinal surgeons focused on the rapidly emerging motion preservation market. Altiva owns a number of patents and licensing arrangements, including those relating to pedicle screw technologies. Altiva intends to offer differentiated products by combining innovative technology and design with feedback from clinical experts.
Back pain is the second most common medical condition for which people in the U.S. seek treatment with more than 50 million physician office visits annually. Industry leaders expect continued growth in traditional fusion devices with focused expansion in motion preservation technologies.
Exactech expects to close the transaction during the first quarter of 2008 at which time Exactech will update its 2008 revenue and earnings guidance.
About Exactech
Based in Gainesville, Fla., Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians. The company manufactures many of its orthopaedic devices at its Gainesville facility. Exactech's orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis. Exactech markets its products in the United States and Australia, in addition to more than 25 countries in Europe, Asia and Latin America.
Additional information about Exactech, Inc. can be found at http://www.exac.com. Copies of Exactech's press releases, SEC filings, current price quotes and other valuable information for investors may be found at http://www.exac.com and http://www.hawkassociates.com.
Investors may contact Chief Financial Officer Jody Phillips at 352-377-1140 or Julie Marshall or Frank Hawkins, Hawk Associates Inc., at 305-451-1888, e-mail: info@hawkassociates.com. To receive future releases in e-mail alerts, sign up at http://www.hawkassociates.com/email.aspx.
Exactech, Inc. (NASDAQ:EXAC), a rapidly growing orthopaedic device manufacturer, announced today that it intends to exercise its 2003 investment agreement option to acquire the stock and assets of Altiva Corporation, a North Carolina-based spinal products company engaged in the research, development, manufacture and marketing of spinal implant devices and related products. Altiva offers a spinal fusion product line with implants and instrumentation that address the major indicated spinal pathologies and focus areas of traditional spinal surgery.
Exactech Chairman and CEO Bill Petty said, "Exactech invested in Altiva during October 2003, while Altiva was in its formative stage as a spinal products company. Since that time, with the investment and credit line secured by Exactech, Altiva has combined acquisitions of intellectual property with various distribution agreements to assemble a strong spinal products portfolio. We are pleased that Exactech's first acquisition includes Altiva's experienced spinal management team, and brings together employees of two companies with similar cultures, a strong focus on customer service and a commitment to improving patient outcomes."
The pre-determined $25.0 million purchase valuation of Altiva is based on Exactech's sales multiple and Altiva's trailing 12 months revenue. Exactech's final payment of $7.0 million will consist of a combination of cash and Exactech common stock and is expected to be funded from its current financing facilities. Altiva's annualized sales revenue is approximately $13 million, based on the results of the first nine months of 2007. Altiva is expected to break even in terms of operating profit in the first half of 2008. Exactech expects the transaction to be neutral to earnings in 2008 and accretive in 2009.
As a wholly owned subsidiary of Exactech, Altiva will continue to operate from its Charlotte, North Carolina, headquarters and will maintain separate sales, marketing, engineering and operational functions.
Altiva President and CEO Craig Corrance notes, "Exactech has been an excellent strategic partner for Altiva. Our synergistic approach to surgeon relations and product development will help enable Altiva and Exactech to reach shared goals. We look forward to continued strong growth in the spinal products market."
Altiva Corporation develops and markets spinal implant technologies and related products. The company has multiple development projects underway, most notably a collaboration with a leading group of spinal surgeons focused on the rapidly emerging motion preservation market. Altiva owns a number of patents and licensing arrangements, including those relating to pedicle screw technologies. Altiva intends to offer differentiated products by combining innovative technology and design with feedback from clinical experts.
Back pain is the second most common medical condition for which people in the U.S. seek treatment with more than 50 million physician office visits annually. Industry leaders expect continued growth in traditional fusion devices with focused expansion in motion preservation technologies.
Exactech expects to close the transaction during the first quarter of 2008 at which time Exactech will update its 2008 revenue and earnings guidance.
About Exactech
Based in Gainesville, Fla., Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians. The company manufactures many of its orthopaedic devices at its Gainesville facility. Exactech's orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis. Exactech markets its products in the United States and Australia, in addition to more than 25 countries in Europe, Asia and Latin America.
Additional information about Exactech, Inc. can be found at http://www.exac.com. Copies of Exactech's press releases, SEC filings, current price quotes and other valuable information for investors may be found at http://www.exac.com and http://www.hawkassociates.com.
Investors may contact Chief Financial Officer Jody Phillips at 352-377-1140 or Julie Marshall or Frank Hawkins, Hawk Associates Inc., at 305-451-1888, e-mail: info@hawkassociates.com. To receive future releases in e-mail alerts, sign up at http://www.hawkassociates.com/email.aspx.
Advance Tissue Therapies raise £769k
Press Release on Fundraising for Advanced Tissue Therapies 6th February 2007.
Imperial Innovations Group plc (AIM: IVO), the technology commercialisation and investment company, today announces that it is investing £469,000 in Advanced Tissue Therapies (”ATT”), a biomaterials company that develops tissue engineering products aimed at orthopaedic and maxillofacial markets. The investment in ATT is part of a £769,000 seed funding round that also includes a £50,000 investment from Mr. Mark Rowan.
Mr Rowan, who is a Non-executive Director of Imperial Innovations Group plc, will also become a Non–executive Director of ATT.
ATT will use the investment to develop two generations of products that promise better clinical outcomes for patients than current treatments. The first is a series of bioactive glasses with innovative features designed to promote bone growth that have been developed by Dr Molly Stevens and Professor Robert Hill of the Department of Materials at Imperial College London. The second is a family of materials designed to help the body repair soft tissues as well as bone.
Susan Searle, CEO, Imperial Innovations, said,
“Advanced Tissue Therapies is a company built upon both strong research and real entrepreneurial drive. We look forward to supporting them as they develop and market their products, for which we would anticipate strong demand in established markets.”
Daniel Green, ATT CEO, said,
“The quality of our technology gives us a firm foundation, beyond that of most start-ups. We are delighted that our investors have demonstrated their confidence in our ability to develop it for the benefit of patients.”
Imperial Innovations Group plc (AIM: IVO), the technology commercialisation and investment company, today announces that it is investing £469,000 in Advanced Tissue Therapies (”ATT”), a biomaterials company that develops tissue engineering products aimed at orthopaedic and maxillofacial markets. The investment in ATT is part of a £769,000 seed funding round that also includes a £50,000 investment from Mr. Mark Rowan.
Mr Rowan, who is a Non-executive Director of Imperial Innovations Group plc, will also become a Non–executive Director of ATT.
ATT will use the investment to develop two generations of products that promise better clinical outcomes for patients than current treatments. The first is a series of bioactive glasses with innovative features designed to promote bone growth that have been developed by Dr Molly Stevens and Professor Robert Hill of the Department of Materials at Imperial College London. The second is a family of materials designed to help the body repair soft tissues as well as bone.
Susan Searle, CEO, Imperial Innovations, said,
“Advanced Tissue Therapies is a company built upon both strong research and real entrepreneurial drive. We look forward to supporting them as they develop and market their products, for which we would anticipate strong demand in established markets.”
Daniel Green, ATT CEO, said,
“The quality of our technology gives us a firm foundation, beyond that of most start-ups. We are delighted that our investors have demonstrated their confidence in our ability to develop it for the benefit of patients.”
Acrobot raise £2.6M
Press Release on Acrobot Fundraising 30th July 2007
Imperial Innovations Group plc, the technology commercialisation and investment company today announces that it has closed an investment in The Acrobot Company Limited (Acrobot), a company focusing on computer assistance for orthopaedic surgery. The investment was part of a £2.6 million funding round which was co-led by London Technology Fund and PUK Ventures.
The overall goal of Acrobot’s technologies is to provide speed, accuracy and reproducibility, which will lead ultimately to minimally-invasive, bone-conserving, orthopaedic surgery. Acrobot is based on the pioneering research of Professor Brian Davies of the Department of Mechanical Engineering and Professor Justin Cobb in the Faculty of Medicine, both at Imperial College London.
Acrobot has developed and clinically proven a range of products in three key areas related to orthopaedic surgery: computer-assisted 3D planning, surgical navigation and surgeon-controlled robotic surgery. Acrobot® Planner creates a pre-operative plan, according to which the bone is prepared and the implant positioned using Acrobot’s unique surgical navigation system, Acrobot® Navigation, which tracks the position of surgical instruments relative to the patient to ensure highly accurate surgery. In the third area, Acrobot’s key ‘active constraint’ technology confines a bone cutting tool to a defined volume in space, allowing the surgeon to shape the bone to receive a joint replacement implant. This simple, universally applicable, surgeon-controlled robotic solution would replace conventional instrumentation, enabling better bone preparation and more accurate implant positioning.
The company is now poised to move forward to full commercialisation of its Planner and Navigation technologies and will further develop its ‘active constraint’ technology for robotic applications. The Acrobot® Navigation product has been developed by Acrobot in collaboration with Corin Group PLC (Corin) to enable accurate implantation of Corin’s lead product – the Cormet® metal on metal hip resurfacing implant. Many orthopaedic surgeons are now using the products, enabling them to plan and perform hip resurfacing surgery more accurately.
Graeme Brookes, CEO of Acrobot, said:
Acrobot was founded by Brian Davies, Professor of Medical Robotics in the Department of Mechanical Engineering of Imperial College London, and Justin Cobb, Professor of Orthopaedics of Imperial College London and a leading Orthopaedic Surgeon.
The company’s products and services centre on the application of computer science, mechanical, electrical, and electronics engineering disciplines to surgery. The technology and the derived medical devices are intended to assist surgical staff, enabling new procedures to be performed and existing procedures to be carried out to a higher level of accuracy whilst also leading to minimally-invasive operations. Acrobot’s portfolio includes Acrobot® Planner, which offers pre-operative surgical planning and visualisation software; the Acrobot® Navigation System, which provides computer-assistance by tracking the spatial locations of tools and patient and depicting them against a pre-operative plan on a computer screen to be used by the surgeon as guidance; and the Acrobot® Sculptor Robotic System, a motorised programmable device which uses ‘active constraint’ to prevent a surgeon accidentally moving outside a specified area. These systems will be further developed to assist minimally-invasive surgery in orthopaedics.
Imperial Innovations Group plc, the technology commercialisation and investment company today announces that it has closed an investment in The Acrobot Company Limited (Acrobot), a company focusing on computer assistance for orthopaedic surgery. The investment was part of a £2.6 million funding round which was co-led by London Technology Fund and PUK Ventures.
The overall goal of Acrobot’s technologies is to provide speed, accuracy and reproducibility, which will lead ultimately to minimally-invasive, bone-conserving, orthopaedic surgery. Acrobot is based on the pioneering research of Professor Brian Davies of the Department of Mechanical Engineering and Professor Justin Cobb in the Faculty of Medicine, both at Imperial College London.
Acrobot has developed and clinically proven a range of products in three key areas related to orthopaedic surgery: computer-assisted 3D planning, surgical navigation and surgeon-controlled robotic surgery. Acrobot® Planner creates a pre-operative plan, according to which the bone is prepared and the implant positioned using Acrobot’s unique surgical navigation system, Acrobot® Navigation, which tracks the position of surgical instruments relative to the patient to ensure highly accurate surgery. In the third area, Acrobot’s key ‘active constraint’ technology confines a bone cutting tool to a defined volume in space, allowing the surgeon to shape the bone to receive a joint replacement implant. This simple, universally applicable, surgeon-controlled robotic solution would replace conventional instrumentation, enabling better bone preparation and more accurate implant positioning.
The company is now poised to move forward to full commercialisation of its Planner and Navigation technologies and will further develop its ‘active constraint’ technology for robotic applications. The Acrobot® Navigation product has been developed by Acrobot in collaboration with Corin Group PLC (Corin) to enable accurate implantation of Corin’s lead product – the Cormet® metal on metal hip resurfacing implant. Many orthopaedic surgeons are now using the products, enabling them to plan and perform hip resurfacing surgery more accurately.
Graeme Brookes, CEO of Acrobot, said:
Acrobot was founded by Brian Davies, Professor of Medical Robotics in the Department of Mechanical Engineering of Imperial College London, and Justin Cobb, Professor of Orthopaedics of Imperial College London and a leading Orthopaedic Surgeon.
The company’s products and services centre on the application of computer science, mechanical, electrical, and electronics engineering disciplines to surgery. The technology and the derived medical devices are intended to assist surgical staff, enabling new procedures to be performed and existing procedures to be carried out to a higher level of accuracy whilst also leading to minimally-invasive operations. Acrobot’s portfolio includes Acrobot® Planner, which offers pre-operative surgical planning and visualisation software; the Acrobot® Navigation System, which provides computer-assistance by tracking the spatial locations of tools and patient and depicting them against a pre-operative plan on a computer screen to be used by the surgeon as guidance; and the Acrobot® Sculptor Robotic System, a motorised programmable device which uses ‘active constraint’ to prevent a surgeon accidentally moving outside a specified area. These systems will be further developed to assist minimally-invasive surgery in orthopaedics.
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