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News and Information Article
Company Offering Innovative Products and Technology to Treat Trauma and
Arthritis in Small Bones and Joints Raises Record Total of $42.2 million
NEW YORK, Jan. 4 // -- Small Bone Innovations, Inc. (SBI) has
announced the completion of its Series B financing, raising a record total of
$42.2 million. Based on data provided by Venture Source, this is the largest
venture capital investment ever recorded in the field of orthopedic devices.
Small Bone Innovations, Inc. was the first company to focus purely on the
orthopedic care of arthritis and trauma in small bones and joints. SBI was
founded by Viscogliosi Brothers, LLC (VB), a leading New York-based merchant
banking firm specializing in the musculoskeletal/orthopedic sector.
The financing was co-led by NGN Capital, a $250 Million global, health
care-focused venture firm, and by 3i, a world leader in private equity and
venture capital that invests more than $1.5 billion annually. NGN Capital and
3i were joined by Anspach Investments, Inc., Axiom Venture Partners III L.P.,
TGap Venture Capital Fund, L.P. and Viscogliosi Brothers, LLC, as well as by
SBI employees and a select group of individual investors, including leading
orthopedic surgeons.
"Small Bone Innovations concentrates on a critical area of health care,"
said Anthony G. Viscogliosi, SBIs Chairman and CEO. "Injuries to small bones
dramatically alter the quality of life. It is clear that as our population
ages, more and more of us will be handicapped by diseases - like arthritis -
that affect the hands and feet," he said. "SBI brings together the leading
technology and the best minds in the field to address the need for new
approaches to small bone medical science."
Patrick Power, the Managing Director of Investment Banking at J.P. Turner
and Company LLC, praised the quality of the investors VB lined up for the
financing round. "You can tell a lot about SBIs prospects by the list of
investors who have lined up for the Series B financing," he said. "Its a
Whos Who of global health care and medical technology investors. Small bone
science has now reached critical mass with the investment community," he
added, "and the Viscogliosi brothers are once again leading the way in both
investment and innovation."
Kenneth S. Abramowitz, a Managing General Partner and co-founder of NGN
Capital, said NGN Capital was pleased to participate in the Series B
financing: "SBI represents an outstanding growth opportunity in orthopedics.
The company has the people, the products, and the strategy to make it the
undisputed leader in its field."
Allan Ferguson, the Boston-based head of Global Venture Capital and head
of U.S. Business for 3i, said, "I was pleased to work with my colleagues in
Paris, Lyon and Munich on this venture, which clearly underscores the
international dimensions of this enterprise. Its worth noting that SBIs
products are already being sold in 28 countries. As we see it, that
represents the beginning of a truly global business."
Mr. Abramowitz summed up the investors enthusiasm for SBI: "Small bone
orthopedics is one of the fastest growing areas in health care. We think SBI
is ahead of the curve, and were very pleased to be investing in its success."
Small Bone Innovations Series B financing round was officially completed
on December 16, 2005.
Forward Looking Statements:
This press 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 the Companys
business including increased competition; the ability of the Company to expand
its operations and to attract and retain qualified professionals;
technological obsolescence; general economic conditions; and other risks.
CONTACTS:
Joe Cari/Max Goldberg Anthony B. Viscogliosi
The Dilenschneider Group Chairman and CEO, Small Bone Innovations, Inc.
Phone: (212) 922 0900 Phone: (212) 583 9700 (ext. 101)
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