July 2, 2009
VC Firm, Delta Partners Invests $4 Million in Spinal Medical Device Company, SpineGuard
Based in Paris, France, SpineGuard announced that it had raised $4 million in funding from Delta Partners and acquired the PediGuard technology. Along with the agreement for this round of funding, SpineGuard will appoint two new people to its board of directors. The first appointment is Dr. Joe Mason, MD, who is a partner with Delta Partners; and Maurice Bourlion, who is one of the co-inventors of PediGuard.
SpineGuard is a new medical device company that is dedicated to making spinal surgery safer. SpineGuardâ€™s sole objective is to establish the use of the newest medical device for spinal surgeons known as â€œPediGruard. This is a hand held device that can diagnose spinal disorders by measuring the tissueâ€™s electrical activity. By testing electrical impulses in the spinal tissue, the spinal surgeon can accurately detect and diagnose problems with the spine. When the electrical impulse in the tissue is too high or too low, they can then tell what is not working right in the spinal cord. The electrical impulses occur naturally in the tissue, since the nervous system functions on electricity generated by the brain and natural electrolytes in your body.
The founders of the company are seasoned physicians in spinal medicine and have also founded other startups in the medical industry. Besides its headquarters in Paris, SpineGuard also has offices in San Francisco, California.
The $4 million in funding that SpineGuard raised today is the final tranche in the first round of funding for the company. SpineGuard has also raised $11 million in funding from CrÃ©dit Agricole Private Equity, Innoven Partners, and A Plus Finance on April 9, 2009.
According to Pierre JÃ©rÃ´me, CEO of SpineGuard, this extra funding from Delta Partners along with their support and the support of Maurice Bourlion, one of the co-inventors of PediGuard, will accelerate the companyâ€™s mission to make spine surgery safer. This innovative device is becoming a rather significant solution to spinal surgeries, especially those surgeries involving the insertion of the pedical screw.
Founded in 1994, Delta Partners is one of the largest and most active vc firms in Europe. Delta Partners mainly invests in early stage companies in the healthcare and tech industries. Delta Partners has over â‚¬230 million ($322,258,581.08) under its management. AGI Therapeutics, Biotrin, NeuroCure, Two-Ten Health, and others.
For more information about SpineGuard, click here.
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