SpineVision, a company specializing in the design and marketing of spinal implants, has just finalised a second round of financing totaling six million Euros contributed by Sofinnova Partners and by the Swiss fund New Medical Technologies (NMT), in the respective amounts of two and four million Euros. Sofinnova Partners, represented on the board of directors of SpineVision by Antoine Papiernik, General Partner, had already contributed two million Euros to the company at the time of its creation.
With its innovative, broad and proprietary product range, its positioning in a high-potential market, and an experienced team at the origin of the firm, Spinevision was immediately very appealing to us and led us to finance the company as of its creation in 1999. A year and a half later, we are convinced that Spinevision has what it takes to become a major player in its field, Antoine Papiernik said.
André Lamotte, of New Medical Technologies, added: SpineVision is very well positioned in a potential market of $2 billion. The first products developped by the company, all currently in clinical evaluation, are appealing to the surgeons concerned, and we are extremely pleased to enter the capital of this company at this stage of its development.
The purpose of the first round was to fund the development of the range of implants until their certification and market introduction; the new contribution of six million Euros is meant to finance the marketing phase, including, in particular, the establishment of SpineVision’s structures in the United States, a territory which represents to date 50% of the world market and for which the initial clinical operations are scheduled for the 4th quarter of this year already. Furthermore, SpineVision plans to begin marketing its products on the Asian continent during the year 2002.
SpineVision, founded by specialists of medical instruments, targets all of the Orthopedists and Neurosurgeons of the spine. Its ambition is to propose a new, complete range of products designed to deal with all vertebral column disorders, from scoliosis to indications specific to cervical vertebrae, including intervertebral disk degeneration problems.
Gérard Vanacker, CEO of SpineVision: We are convinced that SpineVision represents a good investment opportunity; the team that we have put together has demonstrated that it can reach its objectives and we now intend to position the company as the new specialist of a market in need of real innovations. The proof is the renewed confidence placed in us by our original investor and the entry in our capital of another prestigious investor, both for substantial amounts. We will now have the means to launch our range of products on all of our markets in excellent conditions, in such a manner that the largest number of surgeons — and their patients — may appreciate the technological advances embodied in them.
Concerning Sofinnova Partners: Sofinnova Partners, based in Paris since 1972, is a venture capital company specializing in the funding of high-potential projects at an early stage of development. Since its origin, it has supported businesses in two specific sectors of activity — life sciences and information technology. It is managed by eight partners and administers funds totaling more than 500 million Euros. In the field of life sciences, it gives priority to investments relating to bio-pharmaceuticals and medical devices. In particular, it was a financial founder of such firms as Genset, Cerep, NicOx, Actelion and NovusPharma. Since 1996, Sofinnova Partners has made 50 investments, including 31 as lead investor.
Concerning New Medical Technology : NMT New Medical Technologies is the first healthcare venture capital company in Switzerland, specializing in start-up companies and other selected investments. Its main objective is to start and build up globally competitive companies in the Alpine Rim. NMT seeks investment opportunities in breakthrough biopharmaceutical and medical technologies from universities and other private entities, as well as spin-offs from large corporations. NMT also makes carefully timed, value-driven investments in existing late stage private and promising small undervalued public companies on a worldwide basis, especially in the U.S.A. Since the capital increase of November 2000, NMT operates with a committed capital of CHF 296 million.
– Antoine Papiernik Sofinnova Partners Tel: 33 1 53 05 41 00
– Marie-Carole de Groc Euro RSCG Omnium Tel: 33 1 41 34 49 90
Visit website http://www.spinevision.com