Path4 and Investors Announce Creation of LDR Spine USA, Inc.
Austin, TX - January 27, 2005
Path4, a management-centric venture capital company focused on the musculoskeletal medical device market today announces, along with investment partners, the creation of LDR Spine USA, Inc. LDR Spine will focus on offering U.S. surgeons innovative technologies and systems that address the traditional fusion as well as the fast growing non-fusion spine segments. Path4 Innovations, LDR Medical, Austin Ventures, the Rothschild Group and PTV Sciences have jointly invested to create this new company that will introduce LDR Medical’s proven products into the U.S. spinal market.
LDR Medical is a European company led by former executives from JBS Spine. They have a proven track record for developing innovative yet simple solutions by involving the surgeons’ clinical perspective and ideas in the creation and development of their products, both in fusion and non-fusion devices. LDR Medical offers a complete spine portfolio and has developed innovative second-generation artificial discs for lumbar and cervical applications offering clear advantages to existing artificial discs that have been approved or are nearing approval in the U.S. market.
LDR Medical’s lumbar artificial disc, Mobidisc™, has been implanted in more than 125 patients in Europe over the past year. The company’s new cervical artificial disc, Mobi-C™, recently started human implantations in Europe with impressive initial clinical results.
Additionally, LDR Medical has an innovative fusion system, Easyspine™, which has been used successfully in over 2000 procedures in Europe. What makes Easyspine unique is its patent pending pedicle screw design with integrated polyaxial capability that can accommodate various thicknesses of rods. This approach provides many technical advantages and creates a system that uses one-third the inventory levels of conventional fusion systems. Other products that complete LDR Medical’s product portfolio include ROI™ and MC+™, partial vertebral body replacements for lumbar and cervical use, manufactured from state of the art PEEK-OPTIMA® material, along with BF+™, a proven synthetic bone substitute that works in conjunction with the company’s fusion products. These products will all be distributed by LDR Spine pending FDA 510(k) approval to market these devices in the U.S.A.
"The Path4 team emerged as the strongest partners for us to enter the U.S. spine market," said Christophe Lavigne, president and CEO of LDR Medical "They, like us, have passion for this industry and believe in working closely with surgeons to deliver innovative solutions that improve patient care. We look forward to a long and prosperous partnership together."
Steve Whitlock, a general partner with Path4, will become the president and CEO of LDR Spine USA, Inc. Mr. Whitlock commented, "The LDR team has created truly unique products that surgeons can appreciate. Their second-generation artificial discs are the only products that offer a six-degree of freedom solution to what is a six-degree of freedom problem -- no other discs have these advantages. They already have strong clinical results with human implantation and that gives us a clear advantage in the regulatory approval process."
LDR Spine will be based in Austin, Texas and managed by the Path4 team. LDR Spine will be seeking approval for four products via the FDA’s 510(k) process and will seek to begin investigational device exemption (IDE) clinical studies for the two artificial discs next year. These products address the highly attractive spine segment in musculoskeletal medical devices with offerings in both fusion and non-fusion areas.
About Path4
Founded in 2004, Path4 LLC is a management-centric venture capital company based in Austin, Texas. The company identifies, creates and develops opportunities in the healthcare industry utilizing a "hands-on" management style by taking an active role in the technologies and opportunities in which they invest. More information is available at www.path4.com.
About LDR Medical
LDR Médical is a French company dedicated to designing, developing, and marketing innovative implantable devices and instruments for spine surgery. Founded in 2000 by Christophe LAVIGNE (President), Herve DINVILLE (R&D Director), Patrick RICHARD (Sales Director) and Dr Michel GAU (Scientific Director), a proven and passionate team with over 60 years of experience in the spinal field.
LDR Medical has a unique range of innovative products for fusion and non fusion techniques, such as Mobidisc (artificial lumbar disc), Mobi-C (artificial cervical disc), ROI (Open radio transparent intersomatic implant), MC+ (Cervical modular cage), Easyspine (Spine posterior osteosynthesis), and the Alpha Screw (First polyaxial integrated connection). More information is available at www.ldrmedical.com.
About Austin Ventures
Austin Ventures has been working with talented entrepreneurs to build valuable companies since 1979. With $2.4 billion under management, AV is the most active venture capital firm in Texas, and one of the most established in the nation. With a focus on enterprise software, computer and communications hardware, and business services, Austin Ventures invests at all stages of company development, from $100,000 "planned experiments" to $50+ million investments in management buyouts.
About the Rothschild Group
The Rothschild Group has been at the center of the world's financial markets for over 200 years. Today, the company provides corporate and resource banking, treasury, investment banking, fund management, private banking and trust services to governments, corporations and individuals worldwide. Through 56 offices in 37 countries worldwide and 2,500 employees, clients can access Rothschild ideas and expertise. It’s Paris-based
Private Equity office invests in first-class international projects led by exceptional entrepreneurs, in the Telecom, Semiconductor, Software and MedTech sectors.
About PTV Sciences
PTV Sciences L.P. is a Texas-based seed and early stage investor in both the life sciences (medical devices, biomaterials, and pharmaceuticals) and materials sciences (semiconductors and advanced materials). PTV focuses on science and engineering-based companies with novel ideas, and typically invests between $250,000 as "start-up" capital to $6 million for more developed companies. Additionally, PTV works with the academic research institutions in Texas to support the transfer of intellectual property from the academic setting into commerce.
Company Contact:
Dana Kolflat, Director- Marketing, LDR
(512) 344-3317
danakolflat@ldrspine.com
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