SpineGuard (EPA:ALSGD) said it landed a debt financing round worth some $8.4 million (€7.7 million) for its disposable spine surgery devices.
Paris- and San Francisco-based SpineGuard said the round included a $1.6 million (€1.5 million) “innovation loan” from Bpifrance and $6.8 million (€6.2 million) in a 4-tranche bond offering with IPF Partners. SpineGuard said it drew down the 1st $3.3 million (€ 3 million) Dec. 28.
“This funding from Bpifrance and IPF Partners endorses SpineGuard’s strategy and will underpin its sales momentum for the next 3 years. In addition, our new financial partners further validate the great clinical potential of our Dynamic Surgical Guidance platform. The funding strengthens our financial position in a flexible way and allows us to accelerate the new-product launches from our very exciting pipeline. In particular, we are excited about the upcoming launch of PediGuard Threaded and the ‘smart screws’ that we have been developing with our industry partners,” CFO Manuel Lanfossi said in prepared remarks.
Last September, SpineGuard won CE Mark approval in the European Union for its DSG threaded drill system, which is designed to eliminate the need for probe drilling during pedicle screw placement.
