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June 12, 2009

Investors, Afinity Capital, Delphi Ventures, MB Venture Partners, New Enterprise Associates, SiteLine Partners, and Split Rock Partners Lead $10.2 Million in Series D Funding for Anulex Technologies

Filed under: Venture Capital News — admin @ 3:41 am

Based in Minnetonka, Minnesota, medical device manufacturer, Anulex Technologies announced that it had raised $10.2 million in series D funding, which was led by Afinity Capital, Delphi Ventures, MB Venture Partners, New Enterprise Associates, SiteLine Partners, and Split Rock Partners. Anulex’s medical devices are devices to treat various spinal disorders. The primary center of interest of Anulex is the development of devices that can treat problems with the soft tissues of the spine. The main product that Anulex is marketing is the Xclose Tissue Repair System. This system is to safely treat soft tissue disorders of the spine with surgical procedures. Problems of spinal soft tissue are mainly caused by anulus fibrosis. Usually this problem is treated with a surgical procedure known as a discectomy, which is the removal of a cartilage spinal disc from between the vertebra in the spine. The Xclose Tissue Repair System is a new method that can give a new and safer approach to damaged anulus discs and can improve the quality of life of anulus fibrosis patients. Anulex’s Xclose Tissue Repair System and the Xclose Tissue Device have both been cleared by the FDA for market and use for clinical use.

According to Anulex’s president and CEO, Rich Lunsford, the proceeds of this funding will be vital for more work on the Xclose product and conduct post-market clinical research on the performance of the Xclose system.

This round of funding also comes as Anulex is taking on new people in key management positions. Anulex added two new vice presidents and also appointed David M. Noel as the company’s vice president of finance and CFO. Mr. Noel held roles in the same field when he worked for dental implant innovator and manufacturer, Lifecore Biomedical, Inc. Also hired by Anulex is Matt Meyer, who will serve Anulex as the company’s vice president of sales and marketing. Before coming to Anulex, Mr. Meyer worked at sports medicine device company, KFx Medical.

Afinity Capital is a vc firm that mainly focuses its investments in the healthcare industry and works with innovative and visionary entrepreneurs to create powerful companies that can grow into major corporations with groundbreaking technologies. Other companies in Afinity’s portfolio include Arbor Surgical Technologies, Ascent Healthcare Solutions, Botanical Laboratories, CardioMetrix, and others.

Delphi Ventures is a vc firm that mainly invests in early stage companies in the medical devices and biotech industries. Delphi Ventures has been a well established for more than two decades and has invested in over 150 companies since it was founded. Some companies in Delphi Ventures’ portfolio include Acclarent, Aragon Surgical, ArKal Medical Inc., Breathe Technologies, Evalve, NeuroVista, Paracor Medical, Photo Thera, and others.

For more information on Anulex, click here.

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