Lanx Completes Round of Financing

Broomfield, Colo.-based Lanx Inc., a spine company specializing in devices for fusion surgery, closed a $15 million Series C round of financing on May 13.

The financing round was led by new investor Credit Suisse Asset Management through its Customized Fund Investment Group (CFIG). All existing preferred equity investors participated in the round, including Chicago Growth Partners, Goldman Sachs Private Equity Opportunities Fund, Noro Moseley Partners and Oakwood Medical Investors. New investor Hercules Technology Growth Capital also participated in the round. Proceeds will be used for continued growth of the sales and marketing infrastructure and further expansion of the company’s comprehensive product suite across both minimally invasive and core spinal fusion.

Lanx’s minimally invasive surgery (MIS) business is driven by the Timberline lateral fusion system, a complete lateral access fusion system with low profile instrumentation launched in February last year, as well as the Aspen MIS fusion system for posterior fixation. Lanx also offers a broad line of MIS implants for anterior, transforaminal, posterior and posterolateral approaches.

“We are experiencing rapid growth of our lateral platform and our core fusion business, as surgeons consistently tell us we have the most innovative solutions on the market today,” said Dan Gladney, CEO of Lanx. “This financing allows us to further build on that success by expanding our high quality sales force, providing more resources to [research and development] and engineering to more rapidly develop and launch new products, and accelerating surgeon training on our lateral platform. We are extremely pleased with the support our existing investors have shown and are excited to welcome CFIG as our new investor. Lanx is strongly positioned to continue our momentum of both revenue growth and market share gains as we build a world-class, highly diversified spine company.”