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News

Ranier secures £8m investment to develop replacement spinal disc range

Ranier Technology : 19 February, 2008  (New Product)
Ranier Technology has secured 8 million funding from new and existing investors to develop and commercialise the company’s range of motion preserving spinal implant products.
Alliance Trust Equity Partners (ATEP) and First Ventures made the investment to fund the clinical testing and European launch of CAdisc L, the lumbar version of Ranier's compliant replacement spinal disc. In addition, the funding will enable the company to further develop and test CAdisc C - Ranier's total disc replacement for the cervical spine.

Commenting, Dr Geoffrey Andrews chief executive officer and founder of Ranier said, 'We are delighted to have secured this funding from both new and existing high quality investors, and we warmly welcome ATEP as a new investor. This investment is strong validation of our CAdisc product technology and the exciting role our products will play in the burgeoning global spinal disc markets'.

Ranier's CAdisc total disc replacement devices are designed to replace diseased spinal discs in both the lumbar (lower back) and cervical (neck) regions of the spine and to bring relief and a normal quality of life for younger patients (20 to 60 years old) who suffer debilitating pain from degenerative disc disease, and who do not wish to tolerate a major degradation to their life style.

The replacement spinal disc market is set to grow to over $2 billion per annum by 2015 and Ranier anticipates that its CAdisc products are well placed to take a significant proportion of that market. The CAdisc features an entirely polymeric, shock absorbing design that allows the natural bio-mechanics of the spinal disc to be restored without the use of metal or sliding surfaces. CAdisc has been designed to be a highly durable, entirely MRI compatible implant, capable of protecting adjacent discs from accelerated degeneration observed with non-compliant spinal implants.

Richard Hope, Investor Director, ATEP commented, 'We have been impressed by the company's focus in producing high quality spinal Implant products and look forward to working with Ranier at this exciting time in its development'.

Peter Wolfers of First Ventures commented, 'We are pleased to continue our involvement with Ranier and to help the company take its family of total disc replacement products from the laboratory, through clinical study, and on into commercial markets. We look forward to seeing CAdisc's clinical benefits underpinning Ranier's commercial success.'

In this investment round, Ranier was advised by specialist high technology fund raising and corporate finance advisors First Capital (London UK).
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