HealthpointCapital Announces Purchase of 33% share in Scient'x S.A., Developer of Innovative Spinal Implant Technologies
Scient'x is leader in the developing field of motion preservation
and dynamic stabilization for spine surgeries
New York, NY., USA and Paris, France, June 29, 2004 -- HealthpointCapital Partners L.P., the private equity affiliate of HealthpointCapital, and Scient'x S.A., the spinal implant subsidiary of the French company, Ideal Medical Products, announced today that a HealthpointCapital subsidiary has acquired a 33% ownership interest in Scient'x S.A. Under the terms of the agreement, HealthpointCapital, in addition to its equity interest, has assumed two seats on Scient'x's supervisory board. This transaction became effective as of June 28, 2004.
This investment in Scient'x represents HealthpointCapital's first investment in the spinal implant industry since announcing the first closing of its Orthopedic private equity fund in late 2003. Scient'x, in addition to marketing a comprehensive line of PEEK plastic cervical and lumbar implants, is one of the leading innovators of motion preservation spinal implants including the first such product granted a 510(k) approval as an adjunct to fusion, the Isobar TTL system, as well as a second generation cervical disc arthroplasty system which is beginning U.S. trials.
"We call motion preservation 'the future of spinal implants' because we believe it will prove to be the most effective new treatment for severe back pain in decades," said John Foster, HealthpointCapital Partner Chairman and CEO. "We look forward to applying our extensive industry resources to bring to the market information regarding the benefits and risks of motion preservation as well as to address the growing concern over adjacent level disease. In the process we hope to illustrate to healthcare providers the growing range of options for patients in Europe and the United States. We believe the Scient'x line of motion preservation and dynamic stabilization products has the potential to give patients important treatment options that other competitors cannot match."
"This is an exciting alliance for Scient'x and an important step forward in Scient'x's worldwide expansion, with a particular emphasis on our opportunities in the United States", said Olivier Carli, President-Directeur General of both Scient'x and Ideal Medical Products. "Together with HealthpointCapital, we will be able to apply our technologies to the needs of all U.S. spine patients. All of us at Scient'x look forward to playing a role with HealthpointCapital in advancing the art and science of spinal surgery and dramatically improving patient quality of life."
About HealthpointCapital:
Founded in 2002 and headquartered in New York City, HealthpointCapital is a private equity fund focused exclusively on the $20 billion worldwide orthopedic device industry. The Fund is the premier source for orthopedic companies that require growth capital as well as strategic advice and guidance. HealthpointCapital's execution team has over 50 years of combined experience investing and growing companies and is headed by John Foster who has managed seven previous funds that provided cash on cash investor returns in healthcare of more than 90% per annum. The Fund focuses exclusively on private equity investments in orthopedic devices to:
* Capitalize on industry growth which is being driven by demographics, innovation and a favourable regulatory and reimbursement climate.
* Utilize HealthpointCapital's proprietary industry expertise and dedicated research staff to create proprietary deal flow in an industry with over 1,500 companies.
* Draw on the HealthpointCapital's Team's successful experience as long-standing healthcare private equity investment principals to grow the underlying portfolio companies we invest in or acquire.
HealthpointCapital invests in only the most exceptional companies in the orthopedic industry. These are firms that exhibit proven technologies, outstanding management teams and strong growth potential.
About Scient'x :
Scient'x designs, develops, and markets spinal implant devices for the lumbar, thoracic, and cervical spine. The Company's products are designed to provide stabilization and correction to the spine in patients with degenerative disease, tumors, scoliosis, and injuries from trauma. Scient'x markets its products in Europe, the United States, the Middle East, Asia, and Australia. The Company initiated an aggressive growth strategy in the United States with the launch of its wholly owned Scient'x USA subsidiary in 2002. Scient'x is based outside of Paris in Guyancourt, France.
Where to Find Additional Information
SOURCE: HealthpointCapital
CONTACT: Media, John Foster, +1-212-935-7780, or jfoster@healthpointcapital.com, or Tim Berkowitz, +1-212-935-7780, or tberkowitz@healthpointcapital.com, both of HealthpointCapital; or Olivier Carli of Scient'x, + 33-1-34-52-70-80, or carli@ideal-medical.com
Web sites: Scient-x and HealthpointCapital
