PARIS & SAN FRANCISCO--(BUSINESS WIRE)--SpineGuard (FR0011464452 – ALSGD), an innovative company that designs, develops and markets disposable medical devices designed to make spine surgery safe and easier, announced today that it has secured a total €7.7M debt financing through an Innovation Loan of €1.5M with Bpifrance and the issuance of four tranches of bonds totaling €6.2M with IPF Partners. The first tranche of €3M was drawn on December 28, 2015.
Manuel Lanfossi, CFO of SpineGuard, said: "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."
Previous press release, World's first spinal fusion surgery performed with single-step insertion of DSG™ Technology enabled screws, on January 5, 2016.
The next financial press release, "2015 annual revenue", on January 14, 2016.
SpineGuard will participate to the 'Invest Securities Biomed Event' on January 27 in Paris.
Bpifrance Innovation Loan ("Prêt Innovation")
The agreement between SpineGuard and Bpifrance enables the company's innovation financing, focused specifically on PediGuard Threaded and the DSG™ Smart Screw, through the InnovFin – EU Finance for Innovators program supported by the European Union.Bpifrance Pret-Innovation
IPF Partners is an investment platform founded by a team of 4 fund managers and healthcare sector leaders. The IPF I fund, which was launched in October 2011, provides bespoke debt and other financing solutions to healthcare companies that have reached commercial stage in order to help them handle their ongoing and acquisition financing requirements. IPF I has already committed c. 62 million euros to various European companies.
The agreement between SpineGuard and IPF Partners provides a very flexible financing solution for the company's development and operating cycle with limited dilution to shareholders. www.ipfpartners.com
Co-founded in 2009 in France and the USA by Pierre Jérôme and Stéphane Bette, SpineGuard's mission is to make spine surgery safer. Its primary objective is to establish its proprietary DSG™ (Dynamic Surgical Guidance) technology as the global standard of surgical care, initially for safer screw placement in spine surgery and then in other surgeries. PediGuard®, the first device designed using DSG was co-invented by Maurice Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem, Biomedical Engineer. It is the world's first and only handheld device capable of alerting surgeons to potential pedicular or vertebral breaches. Over 40,000 surgical procedures have been performed worldwide with PediGuard. Numerous studies published in peer-reviewed medical and scientific journals have demonstrated the multiple benefits that PediGuard delivers to patients, surgical staff and hospitals. In 2015, SpineGuard started to expand the applications of DSG into pedicle screws through partnerships with innovative surgical companies in France and the US. SpineGuard has offices in San Francisco and Paris. For further information, visit www.spineguard.com.
The SpineGuard securities may not be offered or sold in the United States as they have not been and will not be registered under the Securities Act or any USA state securities laws, and SpineGuard does not intend to make a public offer of its securities in the United States. This is an announcement and not a prospectus, and the information contained herein does and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in the United States in which such offer, solicitation or sale would be unlawful prior to registration or exemption from registration.