SHELTON, CT--(Marketwire - February 02, 2011) - Spine Wave, Inc., today announced the closing on $17.5M in a new round of financing. The round was led by existing investor New Enterprise Associates (NEA), which also led the Series A and Series C rounds. Other investors include Morgenthaler Ventures, Compass Global Fund, New Leaf Venture Partners, Canaan Partners, Foundation Medical Partners and Memphis Implant Partners. The proceeds will be used to fund continued expansion of the company's commercial operations as well as additional clinical trials of the NuCore® Injectable Nucleus.
"Spine Wave's robust growth and highly differentiated technologies allow the company to stand out in a very competitive field, and we appreciate the continued support from NEA and from all of our investors," said Mark LoGuidice, Spine Wave Chairman and CEO. "This financing will allow us to continue to build our distribution network while we invest aggressively in further developing a pipeline of new products based on our proprietary expandable technology."
"While there are numerous spine companies in the market with lookalike products, Spine Wave has invested heavily in the development of differentiated technologies and these novel products are now translating into significant revenue growth," said NEA General Partner Ryan Drant. "The commencement of clinical trials of the radiopaque NuCore® Injectable Nucleus in Switzerland is also a key milestone as this product has the potential to be a paradigm-shifting technology."
Spine Wave's commercial product portfolio, including the StaXx® XD Expandable Device and Sniper™ MIS Pedicle Screw system, has grown rapidly and gained significant market traction. The novel in situ expansion capabilities of the StaXx® XD have been extremely well received by spine surgeons and Spine Wave is investing aggressively to broaden the applications of this technology. Early surgeon feedback regarding the recently launched Sniper™ System has also been extremely positive, and this product is allowing the company to further build upon its position as a technology leader in the field of minimally-invasive spine surgery.
With regard to the NuCore® Injectable Nucleus, Spine Wave has approximately 70 patients implanted with all patients at or beyond the two-year follow up time point. NuCore® Injectable Nucleus has demonstrated both safety and the ability to maintain disc height. The company is now initiating a clinical effort in Switzerland treating early-stage degenerative disc disease using a new radiopaque design.
About Spine Wave
Spine Wave is committed to the development and delivery of high-quality innovative medical devices for the treatment of spinal disorders. The Company is focused on commercializing technology platforms that offer surgical solutions for spinal fusion, vertebral compression fracture repair, and nucleus replacement and augmentation. The Company's product portfolio includes the StaXx® XD Expandable Device, the CapSure® PS2 Spine System, Sniper™ Spine System, StaXx® FX Percutaneous Vertebral Augmentation, the NuCore® Injectable Nucleus, and several additional products in development. For further information, visit the Company's website at www.SpineWave.com.