ATLANTA, Oct. 31 /PRNewswire/ -- SpineMedica Corp., a medical device company currently developing an artificial disc implant called SaluDisc(TM), announced today the completion of its Series A Private Offering, raising more than $10.6 million, in a little over three months. In addition to individual investors, three major investment firms participated in the financing; they were: FCA Venture Partners III, a fund managed by Nashville-based Clayton Associates; the Trelys Funds, South Carolina’s largest and most active early- stage venture capital firm; and A/B Partners III LP, managed by Archbrook Capital Management of New York City and Philadelphia, PA.
Commenting on the Company and the fund-raising effort led by SpineMedica’s President Matthew Miller, Company Chairman and serial entrepreneur Steve Gorlin stated, “Matt Miller is one of the most exceptional talents I’ve had the pleasure of working with over the past years and he has built a dream team of experts around him to commercialize this exciting technology.”
In August 2005, SpineMedica obtained the exclusive, worldwide license to use the proprietary hydrogel, Salubria(R), for spinal applications. Since the licensing transaction, SpineMedica has achieved major milestones by establishing an Operations Center in Atlanta, assembling a first-class Physician Advisory Board around industry expert Lew Bennett and under the advisement of spine surgeon Randal Betz, MD, and has developed several SaluDisc prototypes for use as a total disc replacement device in the lumbar spine.
The Company also hired Dr. Rebeccah Brown, an engineer specializing in biomaterials, to direct the SaluDisc Project. Dr. Brown graduated from MIT with a degree in mechanical engineering and went on to earn her masters and PhD from Georgia Tech, focusing on the durability of orthopedic devices.
SpineMedica seeks to develop a highly differentiated product offering in a key segment of the spinal products market by leveraging both managements’ experience and the breakthrough Salubria technology. SpineMedica’s Board is comprised of industry experts who have pioneered the use of other joint replacements, such as total hip implants, now considered to be the standard of care. Dr. David Ku, the inventor of Salubria and a member of the Board of SpineMedica, believes that “with leaders such as Mr. Steve Gorlin, Dr. Edward Miller, Mr. Lew Bennett on SpineMedica’s Board, we are confident and excited about the path SpineMedica will forge in the area of spinal treatments.”
About SpineMedica Corp:
SpineMedica, a Florida corporation, is a development stage company that is focused on commercializing medical device technologies for application in the spine and chronic back pain. SpineMedica’s goal is to acquire promising technologies in this field through licensing arrangements and develop and commercialize such technologies based on its expertise.
This release contains forward-looking statements with respect to the outlook for expectations for future financial or business performance, strategies, expectations and goals. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and no duty to update forward-looking statements is assumed.
Actual results could differ materially from those currently anticipated due to a number of factors, including risks relating to the need for additional capital and the uncertainty of additional funding; the early-stage products under development; uncertainties relating to clinical trials; success in the clinical development of any products; dependence on third parties; future capital needs; and risks relating to the commercialization, if any, of the Company’s proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks).
SaluDisc(TM) is a registered trademark of SpineMedica Corp.
SpineMedica Corp.
CONTACT: Maria Steele, +1-678-916-4744, for SpineMedica Corp.
Web site: http://www.spinemedica.com/
