SMALL BONE INNOVATIONS, INC. SECURES $20,000,000 DEBT FACILITY
NEW YORK, NY- April 3, 2007 - Small Bone Innovations, Inc. (SBi), a single-source provider of innovation, products, technology and education for the small bone & joint sector of the orthopedic industry, has announced that it has secured a $20mm debt facility that will enhance the company’s ability to further pursue its strategic goals and business plan. The debt financing has been provided by Drawbridge Special Opportunities Fund, a fund managed by an affiliate of Fortress Investment Group, a prominent global alternative asset manager headquartered in New York City.
Specific details of the financing have not been disclosed, but SBi will have available $20mm over the life of the debt facility. SBi’s capital access will be structured to grow, based on the success of its top products. SBi plans to use the available capital to continue its aggressive, anatomically-focused organic growth plans and to further support and accelerate its acquisition strategy.
Since its official launch in February 2005, SBi has diligently addressed diseases, reconstruction and trauma of its targeted anatomic focus – finger to shoulder, and toe to below the knee – through surgeon-innovated, indication-specific, data-driven, revolutionary devices and implants. Never before have small bone & joint surgeons and their patients had as many pain-relieving, motion-preserving, tissue-sparing options for treatment, at any stage of disease or injury. After directing the majority of its acquisition activity and development towards the upper limb in 2006, SBi has announced 2007 as its “Year of the Lower Limb” and expects to be a rapidly growing force in treatment of the anatomy of the lower limb, directing its capital, resources, and educational opportunities in this under-served direction.
Commenting on this new round of debt financing, SBi Founder, Chairman & CEO, Anthony G. Viscogliosi said, “Since the earliest stages of its formation, Small Bone Innovations has remained committed to the needs of small bone & joint surgeons and their patients. With every implant system we design or educational opportunity we provide, the patient’s relief from pain along with restoration of motion and function remain our focus. We are truly delighted to work with Fortress and deeply value the commitment they have made to our customers and their needs. This infusion of capital will allow SBi the continued opportunity to be the agent of change that the orthopedics industry has gone far too long without.”
Small Bone Innovations, Inc.
In establishing SBi, VB acquired several prominent US, Canadian and European orthopedic device companies and product technology licenses focused on small bone and joint treatment, including arthroplasty, internal & external fixation, trauma, and tissue technology.
SBi closed on the sale of $42.2 million of its securities in December 2005. Based on data provided by Venture Source, this was the largest venture capital investment ever recorded in the field of orthopedic devices.
SBi was a 2006 recipient of Red Herring magazine’s annual “Red Herring 100 North America” award, recognized as one of the nation’s leading technology companies and the only orthopedic device company selected among an initial entry of more than one thousand firms.
Additionally, SBi’s Artelon CMC-I Spacer, developed for patients with thumb base osteoarthritis, was featured on the cover and highlighted within Medical Design Technology magazine’s “Year of Innovation” issue as one of the most fascinating technologies influencing the medical device industry.
Device & Diagnostic Industry Magazine named SBi to their list of
“50 Companies to Watch” in 2006, noting, “Small Bone
Innovations is going against the grain in its determination to become
a market leader in the small bone & joint device sector.”
Viscogliosi Bros., LLC