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."
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