Pioneer(R) Surgical Technology, Inc. Closes $15 Million Series B Financing
Posted on: Tuesday, 16 December 2008, 10:22 CST
MARQUETTE, Mich., Dec. 16 /PRNewswire/ -- Pioneer Surgical Technology,
Inc., a leading innovator in the design and manufacture of spinal and
orthopedic implants and instruments, today announced the closing of Series B
financing totaling $15 million. Pioneer attracted new participation from
InvestMichigan! Growth Capital Fund (IMGCF). Previous investors Pharos Capital
Group, LLC; Highlander Partners, LP; Hopewell Ventures; and River Cities
Capital Funds also participated in the round.
Pioneer's CEO and Chairman of the Board, Matthew N. Songer, MD, MBA says,
"This capital will fund our FDA pivotal study for the NuBac nucleus
replacement device, enabling us to bring this innovative P3(TM) technology to
the U.S. market."
Pioneer is the first and only company to receive FDA approval to start the
IDE pivotal study for lumbar nucleus replacement. The NuBac is a
minimally-invasive device and is the first in a family of PEEK-on-PEEK
articulating discs and implants developed by Pioneer.
IMGCF co-manager Charles Rothstein, of Beringea, Inc., commented, "With
its focus on one of the largest, fastest growing and most profitable segments
in the medical device industry, we feel confident Pioneer Surgical will be a
valuable addition to the IMGCF portfolio."
The NuBac implant system is the only Nucleus Replacement device that
utilizes an articulating inner ball and socket design that seeks to achieve
load sharing and uniform stress distribution under various physiological
loading conditions while minimizing extrusion risk. The NuBac implant is made
of PEEK-OPTIMA(R) material which offers well established biocompatibility,
biodurability, excellent wear resistance, and radiolucency.
San Francisco, California-based Thomas Weisel Partners served as sole
financial advisor to Pioneer in connection with the Series B financing.
About Pioneer Surgical Technology
Pioneer Surgical Technology, Inc., headquartered in Marquette, Michigan,
is a dynamic medical device firm with a full line of cutting-edge motion
preservation devices, either available commercially in Europe or under
clinical evaluation in the U.S. Pioneer's signature articulating P3(TM)
Technology -- Pioneer PEEK-on-PEEK, in its NuBac(TM) disc arthroplasty system,
BacJac(TM) interspinous decompression system, and NuNec(TM) artificial
cervical disc, is the most technologically advanced in the industry.
Currently, Pioneer offers a diverse portfolio of next generation spinal fusion
devices. Pioneer's focus on innovation has resulted in over 100 U.S. and
foreign patents with numerous patents pending. The company established a
Biologics Division following two acquisitions in 2007. Pioneer Orthobiologics
is developing a rich pipeline of products indicated for a variety of spinal
and orthopaedic applications. Pioneer focuses on developing products which are
easier and faster for the surgeon, cost effective for the health care system,
and provide better patient outcomes. www.pioneersurgical.com
About InvestMichigan! Growth Capital Fund
The InvestMichigan! Fund is an economic development initiative created by
Michigan Governor Jennifer Granholm. The fund is designed to retain and
attract businesses to the State of Michigan and further develop the State's
entrepreneurial ecosystem. The Growth Capital Program is co-managed by
Beringea, a Michigan-based venture capital firm experienced in geographically
targeted investment programs, and Credit Suisse's Customized Fund Investment
Group, a highly-respected global network of funds and co-investments.
info@beringea.com
About Pharos Capital Group, LLC
Based in Dallas and Nashville, Pharos Capital Group currently has
approximately $600 million in capital under management. Pharos primarily
invests $10 to $30 million in companies seeking later stage equity funding for
internal growth, acquisitions, management buyouts or recapitalizations across
industry sectors, with particular focus on health care, business services, and
applied technology. www.pharosfunds.com
About Highlander Partners, LP
Highlander Partners is a private investment firm located in Dallas, Texas.
The firm's core industries of interest and expertise are healthcare services,
medical devices, specialized food ingredients, and building products and
services. The principals of Highlander bring extensive operating and financial
experience to bear in their investments. Highlander is also the majority
general partner of Highlander Partners Healthcare Fund, a long/short
healthcare services and medical device hedge fund.
aguiva@highlander-partners.com
About Hopewell Ventures
Hopewell Ventures is a Chicago- and Peoria, IL-based venture capital and
private equity firm providing growth and buyout capital to Midwestern
businesses in a broad range of industries and stages of development. With more
than a century of experience, Hopewell's team makes initial investments of $2
to $7 million. www.hopewellventures.com
About River Cities Capital Funds
River Cities Capital Funds provides growth equity to companies primarily
in healthcare and information technology. With offices in Cincinnati and
Raleigh and over $390 million in capital under management, River Cities
actively seeks expansion stage companies throughout the Midwest and Southeast
United States. www.rccf.com.
SOURCE Pioneer Surgical Technology, Inc.
Source: PR Newswire
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