biospace med Raises $18 Million in Venture Capital Funding
Several medtech VCs back commercialization of EOS Ultra Low Dose2D/3D XrayPARIS & ATLANTA--(Business Wire)--biospace med, the orthopaedic imaging company, announced today theclosing of $18 million (12 m EUR) in venture capital financing led byNBGI Ventures (London) and Credit Agricole Private Equity (Paris).Edmond de Rothschild Investment Partners (Paris) and UFG PE (Paris),current investors in the company, also have subscribed to the currentround of financing. Aelios Finance served as financial advisor tobiospace med. Infusion of new capital from these venture funds, combined withtheir strong expertise in the medtech industry, will allow theworldwide market expansion of EOS ultra low dose 2D/3D Xray. "This is a quantum leap in technology for the orthopaedic andimaging communities, which have been waiting for a solution to addresstheir specific needs," said Marie Meynadier, biospace med presidentand CEO. "This new round of financing will accelerate the worldwidecommercial deployment of EOS, which already is installed in severalEuropean countries and Canada. With the recent FDA approval to marketEOS in the United States, this financing package will accelerate ourmarket penetration there as well." EOS captures a whole or partial body image in a single scanwithout the need for any digital stitching - all at a reduced dose. Inaddition, the system allows simultaneous bi-plane image acquisition
(frontal and lateral). Information submitted to FDA in support ofbiospace med's marketing application demonstrated up to 10 timesreduction in dose when compared with commercially available filmsystems - without compromising image quality. EOS can also generate a3D skeletal reconstruction from the two simultaneously acquired planarimages. This product will also feature automatic measurement softwaredesigned to calculate a variety of length and angle calculationsbetween individual bones and joints, potentially helping to evaluateglobal balance and posture. EOS is based upon a patented particle detector technology, forwhich Georges Charpak received the Nobel Prize in Physics. Along withCharpak, Dr. Jean Dubousset, a world-renowned French pediatricorthopaedic surgeon, and Dr. Gabriel Kalifa, professor and chairman ofradiology at Saint Vincent de Paul Hospital, Paris, assisted in thedesign of EOS. "I am delighted to see that the technology I developed is nowroutinely used in patient care centers to the benefit of the patientsand the medical community," notes Georges Charpak, founder of biospacemed. "We are impressed by biospace med's focused value proposition, andare convinced the company's innovative technology and leadership teamwill make a strong impact in the medical imaging market," saidChristian Sarwa, investment manager at NBGI. "biospace med has remarkable potential to take a leadershipposition in the $2 billion imaging market, and we are thrilled tosupport accelerated market penetration through our investment," saidAlexia Perouse, director at Credit Agricole Private Equity. "biospace med's management has delivered on their commitment tobring innovation to the orthopaedic sector, which is why we haveinvested in the company since 2005," said Raphael Wisniewski,investment director at EdRIP. "Our new subscription reflects our continued confidence inbiospace med's outstanding potential," added Olivier Denigot,investment director at UFG PE. About biospace med biospace med was founded on a unique partnership between a NobelPrize-winning physicist, a team of engineers, orthopaedic surgeons,and radiologists who have developed a complete orthopaedic imagingsolution. The company's lead product, EOS ultra low dose 2D/3D Xrayimager, allows full-body imaging of patients in a weight-bearingposition that will enable global assessment of balance and posture.The company has corporate headquarters in Paris and Atlanta with anoffice in Montreal, and is targeting a $2 billion orthopaedic imagingmarketplace. Learn more at http://www.biospacemed.com. About NBGI Ventures NBGI Ventures has recently achieved the first close of its secondfund, focused on leading investments in early stage technologycompanies, particularly those active in the medical technologiessectors. NBGI Ventures has a team of five professionals with officesin London and Athens and considers investments across Europe.Companies it has supported include 2010 Perfect Vision (Germany),BoneSupport (Sweden), Forth Photonics (UK), Reverse Medical (USA),SuperSonic Imagine (France), and Upfront Chromatography
(Denmark). www.nbgiventures.com About Credit Agricole Private Equity Credit Agricole Private Equity is an AMF-accredited assetmanagement subsidiary of Credit Agricole S.A., specializing in privateequity investment in non-listed companies. A multi-specialist playerin the private equity market, it has a team of 40 investors operatingin several areas (LBO/Expansion, Venture Capital, Secondary Market,Mezzanine, Renewable Energies, PPP Infrastructure, liquiditysolutions, etc.), manages EUR 1.7 billion through venture andinnovation funds. Credit Agricole Private Equity provides advice andsupport for business managers implementing growth plans.www.ca-privateequity.com. Press Contact: Martine Sessin-Caracci, Tel:+ 33 1 43 23 90 88 About Edmond de Rothschild Investment Partners Paris-based Edmond de Rothschild Investment Partners (EdRIP) isdedicated to minority investments into privately-owned companies. Ithas currently more than EUR 500 million under management which isbeing invested primarily as life sciences venture capital and growthcapital. Its Life Science Team of six professionals has over 80 yearsof cumulated experience in the life science industry and has a proventrack record in biotechnology and medical technology investments. Theteam has approximately EUR 150 million under management after havingrecently raised EUR 100 million through BioDiscovery II and relatedfunds to be invested during the next two years, mainly in the EU.Edmond de Rothschild Investment Partners is part of the group LaCompagnie Financiere Edmond de Rothschild. www.edrip.fr About UFG Private Equity UFG Private Equity (formerly Nord Europe Private Equity) is anAsset Management Company specialized in Venture Capital. With a teamof 10 professionals, UFG PE completed 24 investments and manages EUR170 million in 4 different funds: Nord Europe I (French FCPR), DiademeInnovation I and Diademe Innovation II (French FCPI), and DiademeGlobal Section (fund of funds) in partnership with British bankSchroders. In its direct investment activity, UFG PE brings workingcapital to private companies at all stages of their development, theirmanagement or share holders as: venture capital, development capital,LBO or turnaround. www.ufg-pe.com About Aelios Finance Aelios Finance is the leading French corporate finance advisoryfirm helping entrepreneurs and mid-cap companies to completesuccessful capital raising, mergers & acquisitions, LBO and IPO. Forfurther information: www.aeliosfinance.com Aelios Finance is also theexclusive French office of the world's largest network of M&Acompanies, M&A International Inc. For further information:www.mergers.net.biospace medMarie MeynadierTel : 01 55 25 60 60mmeynadier@biospacemed.comwww.biospacemed.comorNBGI VenturesChristian SarwaTel. +44 207 661 56 49christian@nbgiventures.comwww.nbgiventures.comorUFG PEOlivier DenigotTel : 01 43 12 64 45odenigot@groupe-ufg.comwww.ufg-pe.comorCredit Agricole Private EquityAlexia PerouseTel: 01 43 23 95 94Alexia.perouse@ca-privateequity.frwww.ca-privateequity.comorEdRIPRaphael WisniewskiTel : 01 40 17 31 44raphael.wisniewski@edrip.frwww.edrip.frCopyright Business Wire 2007
Follow Reuters