Paradigm Spine Completes $14 Million Private Placement

    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'
 lives."
     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
              marc.viscogliosi@paradigmspine.com
 
 

SOURCE Paradigm Spine, LLC