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December 12, 2008
For Press Inquiries: Kelly O'Donnell |
Beringea Invests in Pioneer Surgical Technology Inc.FARMINGTON HILLS, Mich. — Beringea announced a $5 million investment in Pioneer Surgical Technology Inc., a leading innovator in the design and manufacture of spinal and orthopedic implants and instruments.The investment was made through Beringea's InvestMichigan! Growth Capital Fund (IMGCF), as part of Pioneer's $15 million Series B financing. Pioneer's CEO and Chairman of the Board, Matthew N. Songer, MD, MBA says, "This capital will fund our FDA pivotal study for the NuBac nucleus replacement device, enabling us to bring this innovative P3(TM) technology to the U.S. market." Pioneer is the first and only company to receive FDA approval to start the IDE pivotal study for lumbar nucleus replacement. The NuBac is a minimally-invasive device and is the first in a family of PEEK-on-PEEK articulating discs and implants developed by Pioneer. The NuBac implant system is the only Nucleus Replacement device that utilizes an articulating inner ball and socket design that seeks to achieve load sharing and uniform stress distribution under various physiological loading conditions while minimizing extrusion risk. The NuBac implant is made of PEEK-OPTIMA(R) material which offers well established biocompatibility, biodurability, excellent wear resistance, and radiolucency. "Pioneer has fostered a rich culture of innovation since its 1992 founding and has evolved to become a dynamic, research-driven medical device company delivering highly-differentiated spine and orthopedic devices," Charles Rothstein, senior managing director of Beringea, commented. "With its focus on one of the largest, fastest growing and most profitable segments in the medical device industry, we feel confident Pioneer Surgical will be a valuable addition to the Beringea portfolio." About Pioneer Surgical Technology Pioneer Surgical Technology, Inc., headquartered in Marquette, Michigan, is a dynamic medical device firm with a full line of cutting-edge motion preservation devices, either available commercially in Europe or under clinical evaluation in the U.S. Pioneer's signature articulating P3(TM) Technology -- Pioneer PEEK-on-PEEK, in its NuBac(TM) disc arthroplasty system, BacJac(TM) interspinous decompression system, and NuNec(TM) artificial cervical disc, is the most technologically advanced in the industry. Currently, Pioneer offers a diverse portfolio of next generation spinal fusion devices. Pioneer's focus on innovation has resulted in over 100 U.S. and foreign patents with numerous patents pending. The company established a Biologics Division following two acquisitions in 2007. Pioneer Orthobiologics is developing a rich pipeline of products indicated for a variety of spinal and orthopaedic applications. Pioneer focuses on developing products which are easier and faster for the surgeon, cost effective for the health care system, and provide better patient outcomes. www.pioneersurgical.com About Beringea Beringea is an international private equity and investment banking firm with offices in Detroit, Los Angeles, London and Shanghai. Beringea's funds invest in a range of small to medium sized companies with the potential for high growth and strong returns for investors. Beringea is the manager of funds including InvestMichigan! Growth Capital Fund, InvestCare Partners and Global Rights Fund II, among others. For more information on Beringea's private equity activities, visit www.beringea.com
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