Small Bone Innovations, Inc.
P: 212.583.0370 ext. 2126
SMALL BONE INNOVATIONS,
INC. RAISES $144 MILLION
- Raises Series D round of $108mm - one of the largest private
equity capital financings for an orthopedic company
- Raises Series C round of $36mm
- Retires $20 million credit facility
NY: June 30, 2009 - Small Bone Innovations, Inc.
(SBi), an orthopedics company focused exclusively on technologies and
treatments for the small bones & joints, announced that it has sold
a total of $108 million of Series D Preferred Stock in a series of private
equity financings. The most recent of these financings closed in April
2009. The Series D financing is believed to be one of the largest ever
private equity capital investments in an orthopedics company.
The Series D funding included substantial investments from Goldman,
Sachs & Co., Khazanah Nasional Berhad, the investment firm of the
Government of Malaysia, Malaysian Technology Development Corporation
(MTDC), an integrated Malaysian-based venture capital company, The Family
Office of Bahrain, and certain other substantial investors.
The Series D financing also included investments from existing investors
Trevi Health Ventures, NGN Capital, 3i Group, and TGap Ventures.
Anthony G. Viscogliosi, SBi’s Chairman & CEO, said: “In
view of the extremely difficult conditions in the global capital markets
during the past 18 months, the scope and quality of this investment
round represent both a vote of confidence in our business model and
a recognition of the small bone & joint market as the fastest growing
sector in the orthopedics market. The size of the investment in SBi
is significant in view of the 51 percent decline this year in medical
device investing by venture capital firms - according to VentureSource
(a DowJones database).”
In addition to the Series D financing round, SBi completed in 2008 its
Series C Preferred Stock financing, raising a total of $36 million.
This financing was led by Viscogliosi Bros., LLC and included new investor
Trevi Health Ventures, and follow-on investments by NGN Capital, 3i,
TGap Ventures and Axiom Venture Partners.
The proceeds from the Series C and Series D financings were used in
part to complete the acquisition of the Scandinavian Total Ankle Replacement
(S.T.A.R.®) system from Waldemar Link GmbH & Co. KG of Hamburg,
Germany, to fund operations, to support the launch of the S.T.A.R. Ankle
in the U.S. and to retire a $20 million credit facility, arranged in
2007 by Fortress Investment Group.
About Small Bone Innovations, Inc.
Small Bone Innovations, Inc. (SBi) was founded in 2004 by Viscogliosi Brothers, LLC, (VB), a New York-based merchant banking firm that specializes in the musculoskeletal/orthopedics sector. VB created SBi as the first company to focus purely on small bones & joints. By integrating established companies and professionals in the field, SBi offers a broad, clinically proven portfolio of products and technologies to treat trauma and diseases in small bones & joints. Today, SBi has facilities in New York, NY, Morrisville, PA, Bourg-en-Bresse, France and Donaueschingen, Germany, among other locations worldwide.
For more information on SBi, please visit: www.totalsmallbone.com
This news release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting SBi ’s business including increased competition; the ability of SBi to expand its operations and to attract and retain qualified professionals; technological obsolescence; general economic conditions; and other risks.
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