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Paradigm Spine Closes $21.5 Million Financing and Announces Promotion of Matt Stuttle to Position of Vice President, US Sales
Date:7/27/2009

NEW YORK, July 27 /PRNewswire/ -- Paradigm Spine, LLC, a developer of innovative non-fusion spinal implant solutions, announced that it has completed a $21.5 million financing, consisting of a $15mm debt facility and $6.5mm equity. Fifth Third Bank was the sole lender in the $15mm venture debt funding. The $6.5 mm of equity was led by Praefinium Group, a global asset management group specializing in high-growth opportunities, and Trevi Health Ventures, a venture capital firm specializing in healthcare investments.

The proceeds from this financing will be used to strengthen the US sales infrastructure, fund the Company's ongoing US clinical trial of the coflex((R)) device, and drive further international expansion of the company's product portfolio. The Company believes this financing will carry it through to profitability in 2010.

Marc R. Viscogliosi, Chairman and CEO of Paradigm Spine, LLC, said "Paradigm's ability to raise capital despite this current economic situation reinforces the strength and quality of our organization, and the confidence our investors have in the success of the company. Paradigm has demonstrated a strong track record over the past 4 years, with sales growing at a CAGR of over 60% from 2005 - 2008. Worldwide revenues grew 63% 2Q09 vs. 2Q08 and growth was more than 15% when comparing sequentially 2Q09 vs. 1Q09. We are particularly pleased with this performance despite economic headwinds and slowing surgical volumes and expect this growth to continue with the expansion of the US Sales team. "

Jeff Thieman, vice president of National Healthcare Finance at Fifth Third Bank added: "We are pleased to do business with a market leader in the advancement of innovative non-fusion spinal implant products. The new capital will support Paradigm as the Company positions itself for future growth. At Fifth Third Bank, we are committed to responsible lending for our comme
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SOURCE Paradigm Spine, LLC
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