Funds to further extend its PediGuard platform for enhanced spinal screw placement. Investors included Crédit Agricole Private Equity, Innoven Partenaires, A Plus Finance, and Delta Partners.
PARIS, FRANCE, SpineGuard announced today that it has secured $6.2 million to further extend its PediGuard platform for enhanced spinal screw placement. The company launched PediGuard Curv earlier this year and is preparing for the limited release of its highly anticipated Cannulated PediGuard, a "smart needle" to address minimally invasive spine surgery. The company's initial breakthrough product is PediGuard Classic.
Investors included Crédit Agricole Private Equity, Innoven Partenaires, A Plus Finance, and Delta Partners.
"This additional funding to support further extension of the PediGuard franchise bears strong testimony not only to the clinical need for PediGuard but also management's track record and strategy to grow the company," said Alexia Perouse, Partner at Crédit Agricole Private Equity and a Director of SpineGuard.
"This new financing round recognizes the significant commercial foundation that the leadership of SpineGuard has forged, with the mission of making spine surgery safer," added Alan Olsen, Chairman of SpineGuard.
"We are grateful for the continuing support from our four investors. New-product development is a cornerstone of our strategy to entrench the PediGuard family of products as a 'must-have' solution to the well-documented and universal clinical need for safer pedicle screw placement-the number one challenge in spine surgery." said Pierre JĂ©rĂ´me, CEO of SpineGuard.
Pedicle screws placed with conventional probes show high rates of misplacements that can lead to a number of serious complications for patients such as spinal cord damage resulting in various degrees of neurological impairment. Consequently, risks for patients and spine surgeons are high. PediGuard products have been adopted by nearly 200 spine surgeons for more than 17,000 procedures on all continents.
Co-founded in 2009 by Pierre Jérôme and Stéphane Bette, former executives at Medtronic Sofamor-Danek and SpineVision, SpineGuard's primary objective is to establish its FDA-cleared and CE Marked PediGuard® platform as the global standard of care for safer pedicle screw placement in spine surgery.
About the PediGuard® platform
Co-invented by Maurice Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem, Biomedical Engineer, PediGuard is the world's first and only handheld device capable of alerting surgeons to potential pedicular or vertebral breaches. Real-time feedback is provided via audio and visual signals. Clinical studies have been published demonstrating that PediGuard doubles the pedicle breach detection rate, limits radiation exposure by 30 percent, decreases by up to 10 percent the average time for pedicle screw placement and provides a 3 fold reduction in neuro-monitoring events.
SpineGuard's mission is to make spine surgery safer. The company has offices in San Francisco and Paris. For further information, visit
www.spineguard.com.
About Crédit Agricole Private Equity
CrĂ©dit Agricole Private Equity is an AMF-accredited asset-management subsidiary of CrĂ©dit Agricole, specializing in direct private-equity investment in non-listed companies. A multi-specialist player, CrĂ©dit Agricole Private Equity's team of 100 professionals manages €3.7 billion with specific expertise in LBO & Expansion, Venture Capital, Mezzanine, Co-Investment, Renewable Energy and PPP Infrastructure. The 11-strong venture capital team manages €444 million through FCPIs invested in young companies with high growth potential in 2 sectors: information technology and life sciences. CrĂ©dit Agricole Private Equity has signed up to the United Nations' Principles for Responsible Investment (PRI). www.ca-privateequity.com
About Innoven Partenaires
Innoven Partenaires is an independent venture capital firm, founded in 1997, with more than €200 million under management. Innoven Partenaires invests in France and across Europe in young companies with high growth potential in the life sciences, information technology, communications and energy / cleantech sectors. The investment team has a pro-active approach, working closely with portfolio companies, making available a broad international network, in-depth mergers and acquisitions and business development experience and a strong track record in bringing companies to IPO. www.innoven-partners.com
About A Plus Finance
A Plus Finance is an independent, management-owned investment company that specialises in private equity, multi management, film financing and collective property funds (OPCI). A Plus Finance's private equity investments are made through its FCPI, FIP and FCPR funds (innovation, regional SMEs and venture capital funds respectively) across all innovative sectors, especially information technology, e-commerce and sustainable development. Investments generally amount to EUR 1-5m. The team's combination of financiers and entrepreneurs results in a broad approach to asset selection and management with the sole purpose of creating value. A Plus Finance has more than EUR 330 million under management.
For more information: www.aplusfinance.com.
About Delta Partners
Delta Partners is among the most active early-stage venture capital investors in Europe. Established in 1994 and with €250 million under management in 70 companies, the firm focuses on investing in early-stage technology companies across ICT and Healthcare, primarily Medical Technology. Current investments include Miracor Medical Systems GmbH, Genable Technologies Ltd., Glysure Ltd., Neoss Ltd., Accunostics Ltd., and Advanced Surgical Concepts Ltd. The partners' backgrounds in start-ups, operations, strategy and finance complement the drive and ambition of entrepreneurial management teams. www.deltapartners.com
