By Jennifer Chiou
New York, Aug. 2 - Innovative Spinal Technologies, Inc. said it closed on $39 million in series B financing for expansion and product development.
Investors were led by OrbiMed Advisors, MPM Capital and JPMorgan Partners.
"This financing represents the next significant step towards our goal of becoming a leading developer of spinal products," president and chief executive officer Scott Schorer said in a news release.
"We can now focus our efforts on rapidly addressing real needs of clinicians and patients."
The medical device company focused on treatments for spinal disorders is based in Boston.
| Issuer: | Innovative Spinal Technologies, Inc.
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| Issue: | Preferred stock
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| Amount: | $39 million
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| Round: | Series B
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| Investors: | OrbiMed Advisors, MPM Capital, JPMorgan Partners (co-leads)
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| Announcement date: | Aug. 2
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