LDR, a privately held company with innovative spinal implants for
both non-fusion and fusion applications, has completed a $25MM Series
C funding round. Telegraph Hill Partners led the investment along with
original investors Austin Ventures, Rothschild Private Equity and PTV
Sciences.
LDR now sells products in over 30 countries and will use the funds
for ongoing expansion. In the coming months the company will be
introducing several new spinal products and concluding enrollment in
its IDE study for Mobi-C(R), the company's second-generation cervical
disc.
The Mobi-C IDE study was the first FDA approved concurrent study
for both one and two level indications. Introduced in France in late
2004, the product has now been implanted in over 4000 patients
globally. The company continues to follow the first 200 patients that
were implanted with the Mobi-C via a European clinical study and also
has several ongoing clinical studies with patients outside the U.S. In
the United States, approximately 430 patients have been enrolled and
completion of the study is forecasted in the next 90-120 days.
Multi-level cervical arthroplasty is forecasted to become a strong
need in the spine market and the Mobi-C's two-level study will be
important in this emerging market.
The company is expanding into new geographic markets and
introducing several new product platforms including: innovative
interbody fusion products, an exciting new approach for motion
preservation in the lumbar spine and a new methodology to minimally
invasive surgery developed with leading physicians including
clinicians at the Texas Back Institute.
Christophe Lavigne, CEO of LDR Holdings said, "We are excited
about LDR's future and are pleased to welcome Telegraph Hill Partners
as our newest investor. Our company is now positioned to become one of
the leading innovators in spine. The next six months should be
particularly busy and exciting as we roll out several new
technologies."
Robert Shepler, general partner at Telegraph Hill Partners
comments, "During our due diligence process we communicated with the
spine surgeon community and received valuable and encouraging feedback
about LDR and its products. In particular, the surgeons were excited
about the "screw-less, keel-less, mobile bearing design" of the Mobi-C
cervical disc, which they believe will be a leading contender in the
emerging market for multi-level cervical disc surgeries. We look
forward to working with the LDR team in the continuing development of
an outstanding company."
About LDR
LDR works closely with surgeons to develop implantable spine
systems and instrumentation that restore optimum stability and
mobility to patients and to make spine surgery more reproducible and
easier to perform. More information is located at www.ldrspine.com.
Caution: Mobi-C is an Investigational device in the U.S. and is
limited by U.S. law to investigational use.
