Facet Solutions Raises $16.5m
BY DAVID KRESSEL, DECEMBER 13, 2005
Facet Solutions, a Logan, UT based privately held company, recently closed its Series B funding. The $16.5m round was led by Pequot Ventures and De Novo Ventures, who were joined by Series A lead Spray Venture Partners.
According to Spray's website, Facet Solutions is developing a system of implants and instrumentation to allow a spine surgeon to perform facet joint arthroplasty, or replacement of the facet joints. The facets form the posterior portion of the spine, and support a meaningful portion of the load carried by the spine.
Facet Solutions reported the first clinical implantation of their Anatomic Facet Replacement System in September 2005, in a procedure at a hospital in Brazil. It is not approved in the US, and will likely take many years to get PMA approval. However, I assume the results in Brazil have been impressive, considering the timing of the fundraising. In addition, I have met Kevin Connors of Spray, as well as a few people at Pequot, and they are an impressive group of investors and give financial validation to Facet Solutions and its product.
