NGN Capital co-leads a $42.2
million Series B financing in Small Bone Innovations, Inc.
New York, NY, January 4, 2006 - NGN Capital,
a $250 million global healthcare venture fund, announced today
its investment in Small Bone Innovations, Inc. (“SBI”),
which recently completed the largest orthopedics venture round
to date at $42.2 million as recorded by Venture Source.
Funds advised by NGN Capital and 3i co-led the financing, which
included $12 million from each of the two groups. The syndicate
also included Anspach Investments, LLC; Axiom Venture Partners
III, L.P.; TGAP Venture Capital Fund, L.P.; Viscogliosi Brothers,
LLC; SBI employees; and a select group of leading orthopedic surgeons.
Founded in 2004, SBI was the first company to focus purely on
arthritis and trauma in small bones and joints in the upper and
lower extremities (shoulder to fingertip and mid-calf to the toe).
The company has a deep pipeline of implants, fixation and tissue
technology products which will enable it to take advantage of
the strong growth in this niche of the orthopedics market.
Kenneth S. Abramowitz, a Managing General Partner of NGN Capital,
will represent NGN Capital on the SBI board. Abramowitz stated,
“We are very excited to join the board of SBI and look forward
to helping guide the company’s expansion in the marketplace.”
John R. Costantino, a Managing General Partner of NGN Capital
who will hold an observer seat said, “This investment represents
a terrific opportunity in this rapidly growing segment of the
orthopedics market, both in the US and Europe.”
Abramowitz further commented, “We are very pleased to have
invested in a talented and experienced management team which,
when combined with the resources of NGN, will accelerate the company’s
penetration in the global marketplace.”
Anthony G. Viscogliosi, founder of SBI with Viscogliosi Brothers,
LLC in New York, will serve as Chief Executive Officer. Viscogliosi
stated, “We are very gratified to have completed this financing
round with such a reputable syndicate. The financing proceeds
will be used to expand SBI’s marketing and infrastructure.
During the next 18 months, the company expects to double its revenues
through new product introductions and small acquisitions.”
Michael Simpson is the Chief Operating Officer of SBI.
Goodwin Procter LLP’s Boston office acted as lead counsel
to the syndicate.
About NGN Capital
NGN Capital is a global healthcare venture capital investment
firm with offices in New York, Heidelberg, Germany and Greenwich,
Connecticut. NGN has investment capabilities across all the major
segments in healthcare, including pharmaceuticals, biopharmaceuticals,
medical devices, diagnostics, and healthcare services.
More information on NGN can be found at www.ngncapital.com
Contact: Loren A. Busby, 212-972-0077
lbusby@ngncapital.com
About SBI
Small Bone Innovations, Inc. was founded in 2004 by Viscogliosi
Bros, LLC (VB), the New York based merchant banking firm specializing
in the musculoskeletal / orthopedic sector. VB created SBI as
the first company to focus purely on small bone and joint science.
By integrating established companies and professionals in the
field, SBI today offers a broad, clinically proven portfolio of
products and technology to treat trauma and diseases in small
bones and joints.
VB’s acquisitions and technology licenses include: Avanta
Orthopedics, Inc. (hand/wrist/elbow arthroplasty and
trauma products – USA); Envision Manufacturing,
Inc. (implant manufacturing – USA); Actipore™
(a unique porous TiNi alloy developed by Biorthex, Inc. in Canada
for use in implants); Artelon® (biologically
active and biodegradable technology – Sweden); Xtremi-T,
LLC (resorbable trauma technology – USA); and Fixano,
S.A.S. (broad line of small bone & joint implants
– France).
For more information on SBI visit: www.totalsmallbone.com
Additional Portfolio Company Articles:
