Innovative Spinal Files for Bankruptcy Protection

Innovative Spinal Technologies Inc., a Mansfield-Mass.-based medical device company that halted operations in February, has filed for Chapter 7 bankruptcy protection.

The filing with the U.S. Bankruptcy Court in the district of Massachusetts shows the company’s assets are between $1 million and $10 million, with estimated liabilities between $10 million and $50 million.

The firm, which focused on minimally invasive spine surgery and motion preservation, also noted its possession of nine cadavers.

The February shutdown included dismissal of staff, emptying of the medical device firm’s plant and disabling of the company website.



Founded in 2002 as an incubator at the Texas Back Institute in Plano, Texas, the firm pulled in $6.2 million from backers including General Electric Healthcare Technologies Inc. In 2005, it relocated to Boston.