NEW YORK, May 9 /PRNewswire/ -- Paradigm Spine, LLC ("Paradigm")
announced today the completion of the Company's $14 million Series C
private placement. The private placement was handled by Viscogliosi & Co,
Inc., an investment bank founded by Viscogliosi Brothers, LLC.
Paradigm is a leading provider of posterior stabilization technologies
to the international spine community. The Company was founded in 2004 by
Viscogliosi Brothers, LLC, a leading New York-based merchant banking firm
specializing in the musculoskeletal/orthopedic sector.
"I want to thank our investors for their support and for believing in
the vision we are creating," said Marc R. Viscogliosi, Paradigm's Chairman
and CEO. "With the close of this financing the Company is well funded and
positioned to pursue our global vision. We intend to be the leading
provider of indication-specific posterior non-fusion solutions that will
provide surgeons with the best treatments to improve their patients'
Larry H. Weinberg, Viscogliosi & Co, Inc. Chairman and Chief Executive
Officer said: "Paradigm initially planned to raise $6 million to $10
million. The fact that they were able to exceed that amount is a tribute to
Marc and his German and U.S. management team. Investors recognized the
unique opportunity to invest directly in a Viscogliosi-Brothers-sponsored
entity. This financing will help Paradigm achieve and maintain a leadership
position in the spine nonfusion marketplace."
The Series C financing was raised by Viscogliosi & Co, Inc. from
prominent spine and orthopedic surgeons and a select group of individual
investors. The proceeds from this financing will be used to drive further
international expansion of the coflex(TM) technology, fund the Company's US
clinical efforts involving the coflex(TM) device and the Orthobiom(TM)
system, and to expand Paradigm's technology portfolio through organic
product development or continued acquisition of spine non-fusion
technologies and intellectual property.
This is Paradigm's third financing round. Collectively, in the Series A
and B financings, the Company raised $15.5 million, with $5.5 million in
cash and $10 million in foundational assets and IP contributed by
Viscogliosi Brothers, LLC. Today, the Company has 34 employees between the
New York headquarters and the Wurmlingen, Germany office, including a seven
member direct sales force in Germany.
About Paradigm Spine, LLC
The company is concentrating on building a multi-product non-fusion
portfolio. One product is the coflex(TM) device, a posterior non-fusion
interspinous dynamically-functional implant, which has a long clinical
history of over a decade of use and has been implanted in more than 15,000
patients suffering from low back pain and lumbar spinal stenosis.
Paradigm Spine's second core platform is the Orthobiom(TM) technology,
also in development for over a decade. The Orthobiom(TM) technology treats
adolescent idiopathic scoliosis, a condition in children which causes
severe curvature of the spine and which is usually surgically treated with
a spinal fusion procedure. The Orthobiom(TM) system is a non-fusion
alternative designed to preserve the motion and growth of the child's
spine. It is a revolutionary product that could potentially help the lives
of tens of thousands of children each year.
For more, visit: http://www.paradigmspine.com
Contact: Marc R. Viscogliosi
Paradigm Spine, LLC
(212) 583-9700 ext. 103
SOURCE Paradigm Spine, LLC