Titan Spine said yesterday that Southlake Equity Group put a “substantial” but unspecified amount into its coffers, as it looks to expand the commercial footprint of its Endoskeleton implants and launch its Nanolock surface technology.
“We are thrilled to bring on board an investor that is equally as confident in the milestones we have achieved to date along with the near and long-term strategies and goals we have planned for the remainder of 2016 and beyond. Proceeds from this financing round will be dedicated to expanding our sales force in the U.S. and to further provide the resources to grow the adoption of our products across the country and abroad. We have historically grown organically but feel the time is right to aggressively capitalize the company to take advantage of the accelerating shift within the marketplace toward surface enhanced titanium interbody fusion devices,” CEO Dr. Peter Ullrich said in prepared remarks.
“Titan Spine’s innovative line of spinal devices is substantially differentiated from other implants on the market, which will be amplified by the launch of Nanolock. For this reason, we are excited to partner with Titan and its world-class management team to provide patient, long-term capital to enable the company to continue to implement its growth strategy,” added Southlake managing director Tom Keene.
Earlier this week, the Mequon, Wis.-based company said it won a new reimbursement code from the Centers for Medicare & Medicaid Services for the Nanolock technology. The code, approved as an XRG code, is slated to go into effect Oct. 1.
Last month, Titan Spine said it’s expanding its spinal device warranty to include free replacement if its Endoskeleton interbody fusion devices delaminate or generate particulate debris during implantation.