LONDON, UK. 13 September 2018, 07.00 AM GMT. Norgine Ventures announced today that it has provided financing of up to €6 million to SpineGuard SA (“SpineGuard”) in partnership with Harbert European Growth Capital. This investment recognises SpineGuard’s innovative and differentiated portfolio of surgical navigation tools designed to secure the placement of surgical implants and make spinal surgery safer by bringing real-time digital technology into the operating room.
The PediGuard portfolio is a range of stand-alone, handheld probe devices that optimise the positioning of pedicle screws by alerting surgeons to potential pedicular or vertebral breaches. The key technology used in PediGuard devices, and the USP of the SpineGuard portfolio, is the Dynamic Surgical Guidance (DSG) technology. SpineGuard have also launched the Smart Screw for one-step insertion of pedicle screws guided by DSG technology.
SpineGuard’s product offering enables a superior outcome compared to the current free-hand conventional drilling technique, as well as to current alternative navigation technologies. The DSG technology is clinically validated in multiple peer reviewed publications and the use of PediGuard probes has been proven to meaningfully improve accuracy of screw placement, detect impending and actual breaches and reduce exposure to radiation. PediGuard is a self-contained probe that does not require additional equipment, pre-operative preparation or change in the surgical technique. According to surgeon feedback, PediGuard has a fast learning curve and is also an effective teaching tool.
The financing will help the company accelerate its growth and enable SpineGuard to develop strategic R&D projects, with particular focus on robotics and the DSG Smart Screw.
Peter Stein, CEO of Norgine, said: “We recognise SpineGuard as a dynamic company, fostering innovation and providing a unique technology to make spine surgery safer. The use of real-time guidance without radiation or ancillary equipment can meaningfully improve healthcare outcomes for patients and reduce radiation exposure for doctors and nurses. Led by an experienced management team, SpineGuard is well placed to execute on its growth plan.”
David Bateman, Senior Managing Director at Harbert European Growth Capital, said: “We are delighted to be able to support SpineGuard’s growth plans as part of this capital raise.”
Stéphane Bette, SpineGuard, CEO and Co-Founder, said: “We are very satisfied with this financing event that enables us to further innovate while reaching our goal of profitability, it should contribute to extend our runway until August 2020. We would like to thank Norgine Ventures and Harbert E.G.C for their renewed confidence in SpineGuard.”
Notes to Editors:
For further information please contact
Julien Michaux, Norgine Ventures, firstname.lastname@example.org
Kristine Erwin, Norgine Ventures, email@example.com
Harbert European Growth Capital
Antony Baker, HEGC, firstname.lastname@example.org
Stephane Bette, CEO and Co-Founder, email@example.com
Clara Bentham, Norgine, T : +44 1895826654
About Norgine and Norgine Ventures
Norgine is a leading European specialist pharmaceutical company with a direct commercial presence in all major European markets. In 2017, Norgine’s total revenue was EUR 345million. Norgine employs over 1,000 people across its commercial, development and manufacturing operations and manages all aspects of product development, production, marketing, sale and supply.
Norgine specialises in gastroenterology, hepatology, cancer and supportive care.
Norgine is headquartered in the Netherlands.
For more information, please visit www.norgine.com.
In 2012, Norgine established a complementary business Norgine Ventures, supporting innovative healthcare companies through the provision of debt-like financing in Europe and the US.
For more information, please visit www.norgineventures.com.
NORGINE and the sail logo are trademarks of the Norgine group of companies.
About Harbert European Growth Capital
Harbert European Growth Capital (HEGC) is a London based debt fund investing in high growth UK and Pan European companies across the Technology and Life Science sectors. The team has a 15+ year track record of providing entrepreneurs and shareholders with long term, less dilutive and non-restrictive capital to fund various situations including growth capital, acquisitions, pre-IPO or fund raise bridge, and various forms of recapitalisation. HEGC has the ability to support businesses with follow-on reserves and a global network of commercial and investor relationships.
Founded in 2009 in France and the USA by Pierre Jérôme and Stéphane Bette, SpineGuard’s mission is to make spine surgery safer by bringing real-time digital technology into the operating room. Its primary objective is to establish its proprietary DSG® (Dynamic Surgical Guidance) technology as the global standard of surgical care, starting with safer screw placement in spine surgery and then in other surgeries. PediGuard®, the first device designed using DSG, was co-invented by Maurice Bourlion, Ph.D., Ciaran Bolger, M.D., Ph.D., and Alain Vanquaethem, Biomedical Engineer. It is the world’s first and only handheld device capable of alerting surgeons to potential pedicular or vertebral breaches. Over 65,000 surgical procedures have been performed worldwide with DSG® enabled devices. Numerous studies
published in peer-reviewed medical and scientific journals have demonstrated the multiple benefits that PediGuard® delivers to patients, surgical staff and hospitals. SpineGuard is expanding the scope of its DSG® platform through strategic partnerships with innovative medical device companies and the development of smart instruments and implants. SpineGuard has offices in San Francisco and Paris.
For further information, visit www.spineguard.com.