CAMBRIDGE, England, February 18 /PRNewswire/ -- Ranier Technology, a Cambridge UK based spinal implant development company, has secured an GBP8 million ($16 million) investment from new and existing investors to further develop and commercialise its motion preserving spinal implant products. The investment was made by Alliance Trust Equity Partners (ATEP) and First Ventures to fund the clinical testing and European launch of CAdisc L, the lumbar version of Ranier's compliant replacement spinal disc. In addition, the funding will enable the company to further develop and test CAdisc C - Ranier's total disc replacement for the cervical spine.
Commenting, Dr Geoffrey Andrews CEO and Founder of Ranier said, "We are delighted to have secured this funding from both new and existing high quality investors, and we warmly welcome ATEP as a new investor. This investment is strong validation of our CAdisc product technology and the exciting role our products will play in the burgeoning global spinal disc markets".
Ranier's CAdisc total disc replacement devices are designed to replace diseased spinal discs in both the lumbar (lower back) and cervical (neck) regions of the spine and to bring relief and a normal quality of life for younger patients (20 - 60 years old) who suffer debilitating pain from degenerative disc disease, and who do not wish to tolerate a major degradation to their life style.
The replacement spinal disc market is set to grow to over $2 billion
per annum by 2015 and Ranier anticipates that its CAdisc products are well
placed to take a significant proportion of that market. The CAdisc is a
unique, entirely polymeric, shock absorbing design which allows the natural
bio-mechanics of the spinal disc to be restored without the use of metal or
sliding surfaces. CAdisc has been designed to be a highly durable, entirely
MRI compatible implant, capable of protecting adjacent discs from
accelerated degeneration observed with non-compliant
|SOURCE Ranier Technology Ltd|
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