Spine Wave said today it closed a $11 million round of new financing to support “the largest product portfolio expansion in the company’s history.”
The round was led by existing investors New Enterprise Associates and Acadia Woods, and joined by Compass Global Fund, Industry Ventures, Collinson, Howe and Lennox, California Technology Partners and MB Ventures, the Shelton, Conn.-based company said.
“This is a very exciting time for Spine Wave as we are rapidly evolving and expanding our product portfolio. In the coming months we will be introducing a series of highly differentiated technologies that leverage our proven expertise with expandable and other less-invasive solutions. We appreciate the ongoing support from NEA and from all of our investors. This financing positions the Company to fully capitalize on the most significant product portfolio expansion undertaken by Spine Wave since its inception,” CEO Mark LoGuidice said in a press release.
Funds for the debt financing round came from 30 investors, according to an SEC filing, though the filing only showed $4.4 million raised so far for the company.
Spine Wave said it has several new products, including next-gen expandable technologies, currently in a limited market release, with plans for a full commercial launch of 7 new products over the next 12 to 18 months.
“Spine Wave’s product offering is undergoing a dramatic transformation, with the introduction of several exciting new products that were generated through a combination of both strategic acquisitions as well as internal development. The company’s portfolio has broadened significantly beyond its large franchise focused on the StaXx XD expandable device and the coming year will see a significant acceleration of this effort. This financing will support Spine Wave’s aggressive launch of a wide range of differentiated spinal implants which will make the company a player in the majority of the large spine market segments,” board member Ryan Drant said in a prepared statement.
in February, Spine Wave said it is licensing the True Position pivoting spacer system technology from Atlas Spine.
The center pivot point technology from the newly licensed True Position spacer allows for more easy and accurate position of interbody spacers, which Spine Wave said will be useful for surgeons implanting “crescent” type devices in a posterior-approach procedure.
Spine Wave said the true position pivoting spacer system is designed so it can be implanted using minimally invasive techniques. The system includes the True Position XL system designed to provide posterior implants with an implant “footprint”.