Medicrea announced agreements which raised €20 million ($22.4 million) to support the U.S. market penetration and international commercialization of its UNiD Patient-Specific Rods. Medicrea also announced Richard Kienzle will take on the role of chief commercial officer and business development officer, and will also join the board of directors.
At this point, Medicrea has collaborated in almost 900 UNiD surgeries. Medicrea also offers end-to-end analytical service to help develop collaboration between itself and surgeons and providers for improved patient care.
“There are now significant forces aligning behind Medicrea’s efforts to bring personalized, value-based solutions to Spine: We own a unique market space with an unrivaled technology in UNiD,” said Denys Sournac, president and CEO of Medicrea, in the announcement.
The financing is made up of €5 million in equity and four-year, 6.75% €15 million convertible bonds. Investors include Anthyrium Capital Management, which is solely responsible for the convertible bonds.
“With UNiD, surgeons can more precisely achieve their surgical goals and restore proper sagittal alignment for their patients, a predictor of success for complex spine procedures,” said Richard Pines, partner at Athyrium, in the announcement. “The technology’s personalized services and innovative approach to spine surgery offer significant growth potential with tens of thousands of complex multi-level fusions occurring each year in the U.S.”
Pines also noted that Athyrium is looking forward to the appointment of Kienzle, who has 25 years of executive sales management within orthopedic companies.
“I believe Medicrea to be a true pioneer in the global spine industry with data-driven, value- based, next-generation and comprehensive solutions for the Personalized Complex Spine Market. The U.S. market opportunity is profound,” Kienzle said in the announcement. “I look forward to working with the entire Medicrea team to deploy these significant resources efficiently and effectively as Medicrea reshapes the Complex Spine paradigm and rapidly expands its commercialization efforts with UNiD and the entire suite of personalized and optimized technologies.”
- here's the press release
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