Back pain treatment co Spine21 Ltd. has raised $222,000 in the form of a loan from its current investors. The loan is for one year at an interest rate of 8%.
Spine21 develops implants for the spine, which alleviate leg and lumbar pains. Known as the Bionic Spacer system, the implant includes a miniature electromechanical system that can control the gap between vertebrae, thereby neutralizing the source of the pain. Using RF (Radio Frequency) control, the surgeon will have the ability to activate a miniature electro-mechanic mechanism in order to increase or decrease the spacer’s size.
The estimated global market for Inter-Spinous Process spacers is $2 billion.
In 2008 Spine 21 raised $150,000 from ProSeed Venture Capital Fund (TASE:PRSD) for a 5.36% stake in the start-up. Another investor is SCP Vitalife. Spine21 is a portfolio company of TechnionSeed, a partnership between four leading international VC funds and the Technion, Israel Institute of Technology.
Published by Globes [online], Israel business news - www.globes-online.com - on October 15, 2009
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