New Capital To Fund Continued Rapid Growth and Innovation
AUDUBON, Pa., Aug. 23 /PRNewswire/ -- Globus Medical, Inc., the largest privately-held spinal implant manufacturer in the world, today announced the closing of a $110 million series E financing round. Clarus Ventures, LLC led the round and was joined by AIG SunAmerica and other large, institutional private equity funds. Banc of America Securities, LLC acted as sole placement agent.
The Series E financing will be used to fuel Globus Medical's rapid growth and fund clinical trials associated with multiple innovative technologies under development. The company's product development engine has produced an unprecedented number of spinal implant systems for fusion, minimally invasive surgery, motion preservation, and biomaterials.
"The investment in Globus Medical is a validation of the growth and success they have achieved since the company's inception," Kurt C. Wheeler, Managing Director, Clarus Ventures said. "With this new financing, Globus is well positioned to continue to expand its sales and distribution force and extend its innovative product portfolio at a pace unmatched in the industry."
David Paul, Chief Executive Officer, Globus Medical said: "This financing is a reflection of Globus Medical's position, and future, as one of the world's preeminent spine companies. It's our passion for the spine that distinguishes Globus Medical and inspires us to continue developing innovative technologies that ultimately result in better outcomes for our patients and customers."
In the first half of 2007, Globus Medical has dramatically expanded the company's sales and distribution footprint and introduced six new systems that represent significant technological advancements in fusion, MIS and biomaterials. Additionally, in the area of motion preservation, the company announced two "world's first" surgeries using its transforaminal and posterior disc replacement systems.
As the result of this financing, Kurt C. Wheeler and Robert Liptak, Managing Directors at Clarus Ventures, will join Globus Medical's Board of Directors.
About Globus Medical, Inc.
Globus Medical, Inc. is one of the ten largest spinal implant manufacturers in the world, with more than $120 million in annualized revenues. Based in Audubon, Pa., the privately held company was founded in 2003 by an experienced team of spine professionals with a shared vision to create products that enable spine surgeons to employ both fusion and non-fusion solutions to promote healing in patients with spinal disorders. Globus Medical has a full portfolio of spinal fusion products, burgeoning initiatives in biomaterials development and minimally invasive approaches, and is among the world leaders in the development of motion sparing technology. Additional information can be accessed at http://www.globusmedical.com.
About Clarus Ventures
Clarus Ventures is a life sciences venture capital firm founded by a team of accomplished investment professionals with extensive and complementary industry backgrounds which have enabled them to establish a long history of success in creating value. Their deep relationships with world thought leaders and decision makers allow this team to identify unique investment opportunities and shepherd them to maturity. Clarus augments its core expertise of investing in biopharmaceuticals and medical technology companies with the deep and diverse expertise of the team in research and development, commercialization, business development and operations management at the global level. Clarus is headquartered in Cambridge, MA, and has an office in South San Francisco, CA. Additional information can be accessed at: http://www.clarusventures.com
|SOURCE Globus Medical, Inc.|
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