June 30, 2009
VC Firms, Goldman Sachs & Company and Malaysia’s Khazanah Nasional Berhad Invest $108 Million in Series D Funding for Small Bone Innovations, Inc.
Orthopedics innovator, Small Bone Innovations, Inc. has completed a whopping $108 million in series D funding from Goldman Sachs & Company and Malaysia’s government vc arm, Khazana Nasional Berhad providing the investment. This funding comes on the heels of a $36 million in series C funding from Viscogliosi Brothers and Trevi Health Ventures in 2008, raising a total of $144 million for Small Bone Innovations. Small Bone’s existing investors also participated in the series D funding. Existing investors include Trevi Health Ventures, NGN Capital, 3i Group, and TGap Ventures. This current series D funding is the largest investment ever made to an orthopedic company.
Founded in 2004, Small Bone Innovations is an innovator in orthopedic therapies and was founded by Viscogliosi Brothers, LLC, which is a merchant banking firm that is based in New York and specializes in the healthcare industry, mainly in the muscular-skeletal and orthopedic sector of the healthcare industry. Small Bones Innovation was the first of companies founded by Viscogliosi Brothers to develop therapies that are aimed specifically for small bones and joints. Some of the products that Small Bones Innovations has developed include the Avanta CMC implant with ball and socket for the thumb. This implant is designed to treat basal arthritis of the thumb. Another product that Small Bones Innovations has developed is the RE-MOTION wrist system, which is an implant to treat problems with wrist movement. Small Bones Innovations also have devices for the hands, elbows, feet, and ankles.
According to the CEO and Chairman of Small Bones Innovation, Anthony G. Viscogliosi; despite the difficult times the global economy is having these days and that vc firms are not investing as they had in the past, this large round of funding from the company’s investors shows confidence that Small Bones Innovations has a good business model and that the innovations developed at Small Bones Innovations will revolutionize the orthopedic sector of the healthcare industry. This funding also demonstrates that the company’s investors also see great potential of the devices that Small Bones Innovations has available to treat problems with small bones in the hands, fingers, wrists, feet, and ankles and give the patients more movement than previous treatments could offer.
Furthermore, in 2008, Small Bones Innovations received a $36 million in series C funding from most of the investors that have participated in this round of funding announced today.
Proceeds from both the series C and series D funding have been used to finish the acquisition of Scandinavian Total Ankle Replacement or S. T. A. R., which was a part of a system from Waldemar Link GmbH in Hamburg, Germany.
For more information about Small Bones Innovations, LLC, click here.