Venture capital-backed medical device business SpineVision has raised $10m of fresh capital through a round led by healthcare investment specialist Omega Funds.
Midi Capital, Alto Invest and existing investors also took part in the latest round for the Paris-based company, which last picked up capital through a $5m raise in 2011.
Prior investors in the business, which develops and markets products for the surgical treatment of spine disorders, include Partner Capital, Sofinnova Partners, HealthCap and Innoven.
SpineVision said the latest funding round would provide growth capital to help it expand its commercial operations, primarily in the US.
It added that some would be used to strengthen its R&D efforts and “develop an innovative approach to the traditional supply chain”.
Omega Fund’s Renee Aguiar-Lucander said, “The management team has, since 2009, built an innovative product portfolio and achieved significant commercial success with limited financial resources.
“We believe the company will now enter a key growth phase, and we look forward to working with the team to take the company to the next level.”
The company currently has operating entities in France, Italy, Benelux, UK and the United States, complemented by distribution agreements in several other territories, including in emerging markets.
It said it posted double-digit revenue growth in 2012, with strong growth continuing in the first quarter of 2013.
Nausicaa Ventures, BAMS Angels Fund I and Life Science Research Partners contributed €6.1m to the total, with the remainder comprising grant subsidies from the Walloon region of Belgium.
Bone said it planned to use the funding to accelerate its bone cell therapy platform, especially clinical development of its PREOB product.
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