Safe Orthopaedics Raises 3.2M Euros From Idinvest Partners

Safe Orthopaedics, a developer of of sterile implants and single-use instruments for back surgery, has secured 3.2 million euros in financing from investment funds managed by Idinvest Partners.

The company intends to use the proceeds to finance the acceleration of its commercial expansion and its research and development program.

“We are delighted to announce the raising of these funds and wish to thank Idinvest Partners, our longstanding shareholder, for showing its continued trust in us and support. We intend to capitalize on the rapid adoption of our products and this fundraising by accelerating our business development and continuing to launch new products. Complementing our two latest innovations – the new fenestrated screw for osteoporosis sufferers and the Auto-Adjust implant to treat spinal fractures – our next product range should enable us to establish our presence in the cervical surgery segment as from 2016,” CEO Yves Vignancour said.

The financing is divided among six investment funds managed by Idinvest Partners, with three funds subscribing for 164,224 new shares worth a total of 699,988 euros and another three funds subscribing for 586,518 in bonds convertible into shares worth a total of 2.49 million euros, according to Safe Orthopaedics. The unit issue price for the new shares and bonds was set at 4.26 euros, representing a discount of 10 percent to the volume weighted average price of the company’s share on the regulated market of Euronext in Paris, France, over three trading days (July 21-23) before pricing.

“This milestone reflects our desire to continue our collaboration with Safe Orthopaedics. In our view, Safe Orthopaedics has the potential to become a new market leader in back surgery given its unique innovations and the tremendous experience of its management team,” said Benoist Grossmann, managing partner at Idinvest Partners.

Founded in 2010, Safe Orthopaedics is a French medical technology company that develops and markets the CE-marked and U.S. Food and Drug Administration-approved SteriSpine kits. The product is available in 12 countries worldwide and were used in 1,143 spinal procedures in the first half of 2015. The company is based in Eragny-sur-Oise, and has 33 employees as well as a U.S. subsidiary.