Healthcare Industry News: spine surgery
News Release - August 15, 2008
Spineology Secures Additional $1.5 Million in Second Round of Financing; Ed Spencer Jr. Joins Board of Directors
Capital will further Spineology's expansion effortsST. PAUL, Minn.--(HSMN NewsFeed)--Closing on a second round of financing, Spineology Inc. – a pioneer in developing minimally invasive spinal surgery devices – today announced a $1.5 million commitment by Minneapolis-based venture capital firm Affinity Capital Management. This investment comes just weeks after Spineology closed on a $7.5 million private placement.
Additionally, Ed Spencer Jr., founder and chairman of Affinity Capital Management, will join the Spineology board of directors as the company evolves its commercialization and product development efforts in the $4 billion spinal market.
“Following so closely on the heels of an earlier private placement, the investment by Affinity expands our capital resources and solidifies our expansion plans,” said John Booth, CEO for Spineology. “The addition of Mr. Spencer broadens our board expertise, as we venture ahead.”
Spineology’s principle product line, the OptiMesh® Deployable Grafting System, offers a minimally invasive approach for spinal surgery. The company announced a $7.5 million private placement in July and has since added eight direct sales representatives, while expanding its distributor network.
Mr. Spencer is founder and chairman of Affinity Capital Management. He is the managing general partner for the firm’s five healthcare funds. Mr. Spencer holds a MBA from Columbia University.
About Spineology
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
Source: Spineology
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