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Simpirica Spine, Inc. Closes $22 Million Series C Funding Led by Norwest Venture Partners


9/20/2011 11:02:35 AM

Proceeds to Support European Commercialization of the LimiFlexTM Spinal Stabilization System

SAN CARLOS, Calif.--(BUSINESS WIRE)--Simpirica Spine, Inc., developer of minimally invasive, flexion-restricting stabilization devices for the spine, today announced the closing of a $22 million Series C round of venture funding, led by new investor Norwest Venture Partners (NVP). Existing investors De Novo Ventures and U.S. Venture Partners (USVP) also participated in this round, which will be used to support the European commercialization of the company’s lead product, the LimiFlex Spinal Stabilization System.

Simpirica Spine was founded in 2006 to develop minimally invasive, flexion-restricting stabilization devices for the spine. Flexion (forward bending) of the lumbar spine can lead to pain or instability for more than 400,000 patients per year worldwide. Outside the U.S., the LimiFlex Spinal Stabilization System is typically used in conjunction with a surgical decompression for the treatment of lumbar spinal stenosis, with or without degenerative spondylolisthesis. The LimiFlex device provides spinal stabilization for patients who could benefit from additional stabilization in flexion. The LimiFlex Spinal Stabilization System is CE marked for use in Europe but still limited to investigational use in the U.S.

“Simpirica Spine is addressing a major unmet clinical need for a less invasive implant that is designed to provide stability without the morbidity associated with spinal fusion. We believe that Simpirica has the potential to improve patients’ quality of life by returning them to productivity more quickly, relieving pain and improving the function of the spine cost effectively,” said Casper de Clercq, partner at Norwest Venture Partners (NVP) and Simpirica board member.

"The closing of this round validates the venture community’s continued confidence in Simpirica Spine’s team and its ability to fulfill the promise of flexion-restricting stabilization to improve clinical outcomes for patients and surgeons around the globe,” said Austin Noll, president and CEO, Simpirica Spine. “Norwest Venture Partners is a great addition to our syndicate of leading medical venture investors, and Casper de Clercq’s strong operating background will benefit our company as we enter our next phase of growth. With the completion of this round, we are well capitalized and positioned to further expand our presence.”

About Simpirica Spine, Inc.

Simpirica Spine, Inc. was founded in 2006 to develop minimally invasive, flexion-restricting stabilization devices for the spine. Outside the U.S., the company’s lead product, the LimiFlex Spinal Stabilization System, is CE marked and is typically used in conjunction with a surgical decompression for the treatment of lumbar spinal stenosis with or without degenerative spondylolisthesis. The LimiFlex device provides spinal stabilization for patients who could benefit from additional stabilization in flexion. Simpirica Spine developed and tested its technology over a period of many years with the help of clinical and biomechanical experts from around the world. For more information visit www.simpirica.com.

About Norwest Venture Partners

Norwest Venture Partners (NVP) is a global venture capital firm that manages more than $3.7 billion in capital. Headquartered in Palo Alto, California, NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late stage venture and growth equity investments in U.S. and global companies across a wide range of sectors including: information technology, healthcare, business services, financial services, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 50 years and has funded nearly 500 companies since inception. For more information visit www.nvp.com.

Contacts

for Simpirica Spine, Inc.
Katie Belding, 650-321-8000
kbelding@nvp.com
Elizabeth Scheuring, 415-519-1744
escheuring@foxfire-com.com



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