BIOSPACE MED RAISES $18 MILLION IN VENTURE CAPITAL FUNDING
Several medtech VCs back commercialization of EOS Ultra Low Dose 2D/3D Xray
PARIS and ATLANTA ― November 26, 2007 ― biospace med, the orthopaedic imaging company, announced today the closing of $18 million (12 m€) in venture capital financing led by NBGI Ventures (London) and Crédit Agricole Private Equity (Paris). Edmond de Rothschild Investment Partners (Paris) and UFG PE (Paris), current investors in the company, also have subscribed to the current round of financing. Aelios Finance served as financial advisor to biospace med.
Infusion of new capital from these venture funds, combined with their strong expertise in the medtech industry, will allow the worldwide market expansion of EOS ultra low dose 2D/3D Xray.
“This is a quantum leap in technology for the orthopaedic and imaging communities, which have been waiting for a solution to address their specific needs,” said Marie Meynadier, biospace med president and CEO. “This new round of financing will accelerate the worldwide commercial deployment of EOS, which already is installed in several European countries and Canada. With the recent FDA approval to market EOS in the United States, this financing package will accelerate our market penetration there as well.”
EOS captures a whole or partial body image in a single scan without the need for any digital stitching – all at a reduced dose. In addition, the system allows simultaneous bi-plane image acquisition (frontal and lateral). Information submitted to FDA in support of biospace med’s marketing application demonstrated up to 10 times reduction in dose when compared with commercially available film systems – without compromising image quality. EOS can also generate a 3D skeletal reconstruction from the two simultaneously acquired planar images. This product will also feature automatic measurement software designed to calculate a variety of length and angle calculations between individual bones and joints, potentially helping to evaluate global balance and posture.
EOS is based upon a patented particle detector technology, for which Georges Charpak received the Nobel Prize in Physics. Along with Charpak, Dr. Jean Dubousset, a world-renowned French pediatric orthopaedic surgeon, and Dr. Gabriel Kalifa, professor and chairman of radiology at Saint Vincent de Paul Hospital, Paris, assisted in the design of EOS.
“I am delighted to see that the technology I developed is now routinely used in patient care centers to the benefit of the patients and the medical community,” notes Georges Charpak, founder of biospace med.
“We are impressed about biospace med’s focused value proposition, and are convinced the company’s innovative technology and leadership team will make a strong impact in the medical imaging market.” said Christian Sarwa, investment manager at NBGI.
“biospace med has remarkable potential to take a leadership position in the $2 billion imaging market, and we are thrilled to support accelerated market penetration through our investment,” said Alexia Perouse, director at Crédit Agricole Private Equity.
“biospace med’s management has delivered on their commitment to bring innovation to the orthopaedic sector, which is why we have invested in the company since 2005,” said Raphaël Wisniewski, investment director at EdRIP.
“Our new subscription reflects our continued confidence in biospace med’s outstanding potential,” added Olivier Denigot, investment director at UFG PE. For more information, please contact:
About biospace med
biospace med was founded on a unique partnership between a Nobel Prize-winning physicist, a team of biomedical engineers, orthopaedic surgeons, and radiologists who have developed a complete orthopaedic imaging solution. The company’s lead product, EOS ultra low dose 2D|3D Xray imager, allows full-body imaging of patients in a weightbearing position that will enable global assessment of balance and posture. An advanced workstation, designed to generate a 3D skeletal image from the two planar images, is under development. The company has corporate headquarters in Paris and Atlanta with an office in Montreal, and is targeting a $2 billion orthopaedic imaging marketplace. Learn more at http://www.biospacemed.com.
About NBGI Ventures
NBGI Ventures has recently achieved the first close of its second fund, focused on leading investments in early stage technology companies, particularly those active in the medical technologies sectors. NBGI Ventures has a team of 5 professionals with offices in 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).
About Crédit Agricole Private Equity
Crédit Agricole Private Equity is an AMF-accredited asset management subsidiary of Crédit Agricole S.A., specializing in private equity investment in non-listed companies. A multi-specialist player in the private equity market, it has a team of 40 investors operating in several areas (LBO/Expansion, Venture Capital, Secondary Market, Mezzanine, Renewable Energies, PPP Infrastructure, liquidity solutions, etc.), manages €1.7 billion through venture and innovation funds. Crédit Agricole Private Equity provides advice and support for business managers implementing growth plans. omnescapital.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) is dedicated to minority investments into privatelyowned companies. It has currently more than € 500 million under management which is being invested primarily as life sciences venture capital and growth capital. Its Life Science Team of six professionals has over 80 years of cumulated experience in the life science industry and has a proven track record in biotechnology and medical technology investments. The team has approximately € 150 million under management after having recently raised € 100 million through BioDiscovery II and related funds to be invested during the next two years, mainly in the EU. Edmond de Rothschild Investment Partners is part of the group La Compagnie Financière Edmond de Rothschild. Website: www.edrip.fr
About UFG Private Equity
UFG Private Equity (formerly Nord Europe Private Equity) is an Asset Management Company specialized in Venture Capital. With a team of 10 professionals, UFG PE completed 24 investments and manages €170 million in 4 different funds: Nord Europe I (French FCPR), Diadème Innovation I and Diadème Innovation II (French FCPI), and Diadème Global Section (fund of funds) in partnership with British bank Schröders. In its direct investment activity, UFG PE brings working capital to private companies at all stages of their development, their management 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 advisory firm helping entrepreneurs and mid-cap companies to complete successful capital raising, mergers & acquisitions, LBO and IPO. For further information: www.aeliosfinance.com Aelios Finance is also the exclusive French office of the world's largest network of M&A companies, M&A International Inc. For further information: www.mergers.net