Innovative Spinal Technologies Raises $39 Million
BY JOHN MCCORMICK, AUGUST 3, 2005
Innovative Spinal Technologies, Inc. (IST), the Texas Back Institute affiliate that develops of spine products, intellectual property and services, announced yesterday that it has closed a $39 million Series B financing. IST is is clearly making the leap from incubator mode to a real living, breathing company.
Valuation was not released, but according to VentureSource, in 2003 the Company raised $6 milllion in its Series A round for a $16 million post-money valuation. The character of IST's investor base has changed as well in this new financing. Originally IST was funded like a research consortium by a group of corporate partners such as Synthes, Orthovita, GE, Orthofix, etc. This time around, the new investors - OrbiMed, JP Morgan and MPM Capital - come from the institutional venture capital world.
With this new funding IST intends to hire staff and develop and market their own products in areas such as motion preservation and minimally invasive surgery. According to the Boston Globe, the company plans to relocate from Plano, TX to Boston.
