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Innovative Spinal Technologies Inc. Raises $39 Million In Private Equity, Led By OrbiMed Advisors, MPM Capital, And JPMorgan Partners


10/19/2005 5:09:04 PM

BOSTON--(BUSINESS WIRE)--Aug. 2, 2005--Innovative Spinal Technologies, Inc. (IST), a privately held medical technology company focused on developing the world's most advanced minimally invasive treatments for spinal disorders, announced today that it closed a $39 million Series B financing. The funding includes a team of investors led by OrbiMed Advisors, MPM Capital, and JPMorgan Partners. The financing will be used to expand IST's world-class team and to accelerate the launch of its next-generation spinal devices. "This financing represents the next significant step towards our goal of becoming a leading developer of spinal products," said Scott Schorer, IST's President and Chief Executive Officer. "We can now focus our efforts on rapidly addressing real needs of clinicians and patients."

Read at BioSpace.com

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