PARIS & SAN FRANCISCO--(BUSINESS WIRE)--SpineGuard (FR0011464452 – ALSGD), an innovative company that designs, develops and markets disposable medical devices intended to make spine surgery safer, has announced the completion of an additional equity round of €0.9 million. This brings the fresh equity funds raised in the second quarter to €2.8 million made up of equity rounds in June and two PACEO™ equity line draws in April and May.
In addition to the €1.6 million private placement with institutional investors announced on June 4, the company has completed a €0.9 million equity round, issuing new shares to named investors. This transaction was completed at a subscription price of €5 per share, equivalent to that of the private placement of June 4, despite unfavorable market conditions. This placement, for which settlement takes place today, represents 177,300 new shares, or 4% of the issued shares, taking the total number of new shares created in the two private placements in June to 487,900, or 10.9% of the issued shares.
Despite the cancellation of the public offering announced by the company on June 4 due to adverse market conditions, the company was able to serve most of the subscription demands received. Pursuant to article L. 225-138 of the French Commercial Code, this equity round was reserved for named investors meeting certain criteria as defined in resolution 13 of the shareholders’ meeting of May 28, 2014.
Pierre Jérôme, CEO and Co-founder of SpineGuard, said: “I would like to warmly thank all those who subscribed to these equity rounds, thus helping to extend the scope of SpineGuard’s Dynamic Surgical Guidance (DSG™) technology platform, and in particular the market launch of the first ‘smart screws’ for spine surgery.”
Co-founded in 2009 in France and the USA by Pierre Jérôme and Stéphane Bette, SpineGuard’s mission is to make spine surgery safer. Its primary objective is to establish its proprietary Dynamic Surgical Guidance (DSG™) technology as the global standard of surgical care, initially for safer screw placement in spine surgery and then in other surgeries. PediGuard®, the first device designed using DSG was co-invented by Maurice Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem, Biomedical Engineer. It is the world’s first and only handheld device capable of alerting surgeons to potential pedicular or vertebral breaches. Over 38,000 surgical procedures have been performed worldwide with PediGuard. Numerous studies published in peer-reviewed medical and scientific journals have demonstrated the multiple benefits that PediGuard delivers to patients, surgical staff and hospitals. In 2015 SpineGuard started to expand the applications of DSG into pedicle screws through partnerships with innovative surgical companies in France and the US. SpineGuard has offices in San Francisco and Paris. For further information, visit www.spineguard.com.