Ranier Technology Secures $7.3m Funding
BY JOHN MCCORMICK, JUNE 14, 2005
Today Ranier Technology Limited, a UK based artificial disc manufacturer announced that it received £4 million ($7.3 million) in an institutional venture capital round. The funding was provided by FNI Venture Capital, which was a previous investor in Ranier's first funding round in 2002.
The Company is principally a developer of medical devices that leverages its polyurethane technology. Although Ranier develops products like urinary catheters, wound dressings, orthopaedic balloons, cardiac devices and the like, the Company is making a significant bet on its own artificial spinal disc prosthesis.
The CAdisc design is an elastomeric device made out of a compliant polyurethane that uses Ranier's bio-materials technology. The financing will be used to further CAdisc through clinical trials.
