The Geneva-based medical device company Spineart already has a turnover of over €100 million and is continuing to expand. A new investment will enable the establishment of new production and training centres in Switzerland and the USA as well as the continued follow-up of patients enrolled in two clinical trials in which a new product for cervical disc replacement is being tested.
Spineart is a Geneva-based medtech company with over €100m (as of 2023) in revenues, is focused on simplifying the surgical act by designing, developing and promoting safe and efficient solutions to spine surgeons, operating room teams, and patients. The company’s product portfolio combines traceable barcoded sterile packed implants with compact instrument sets.
For cervical disc replacement, the company will conduct BAGUERA C IDE studies, in various centers, with over 300 patients at 25 sites across the United States. Thes aim to evaluate the safety and efficacy of Spineart’s BAGUERA C cervical disc prosthesis, designed to address degenerative cervical disc disorders. The completion of enrollment in these studies marks a crucial step forward in bringing this new technology to market in the United States.
The startup has raised CHF 20 million in a convertible loan, with more than CHF 15 million coming from existing shareholders and employees and the remaining portion from new investors. The proceeds from the financing round will be used for several strategic initiatives. These include investments in novel enabling technologies, continued follow-up of patients enrolled in the two BAGUERA C IDE studies, the completion of a new 4,300 m2 factory by the end of 2024 currently under construction near Geneva and the opening this summer of Spineart’s new R&D and Training Center for Enabling Technologies in Dallas, Texas.
“We are thrilled to announce the successful closure of our CHF20 million convertible financing round, which underscores the confidence and support of our investors in Spineart’s vision and innovative technologies,” said Jerome Trividic, CEO of Spineart. “The overwhelming participation from existing shareholders, as well as the addition of new investors, is a testament to the potential of our BAGUERA C cervical disc prosthesis and our commitment to improving spinal surgery through enabling technologies and robotic navigation.”
(Press release/RAN)
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