By E. Janene Geiss
Philadelphia, Jan. 4 - Small Bone Innovations, Inc. said it raised $42.2 million in series B financing, the largest venture capital investment ever recorded in the field of orthopedic devices, according to a company news release.
NGN Capital and 3i were the lead investors. Other investors included Anspach Investments, Inc., Axiom Venture Partners III LP, TGap Venture Capital Fund, LP and Viscogliosi Brothers, LLC, as well as Small Bone employees and a select group of individual investors, including leading orthopedic surgeons.
The financing will be used to expand the company's marketing and infrastructure. During the next 18 months, Small Bone expects to double its revenues through new product introductions and small acquisitions, Small Bone chief operating officer Michael Simpson said in the release.
Kenneth S. Abramowitz, a managing general partner of NGN Capital, will join the company's board. John R. Costantino, also a managing general partner of NGN, will hold an observer seat.
Small Bone was founded in 2004 by Viscogliosi Brothers, LLC, a New York-based merchant banking firm specializing in the musculoskeletal/orthopedic sector.
Small Bone was the first company to focus purely on the orthopedic care of arthritis and trauma in small bones and joints.
Viscogliosi Brothers, which led the company's series A financing, invested additional capital as part of the series B round. Anthony G. Viscogliosi will serve as Small Bone's chief executive officer.
The series B round was completed Dec. 12.
Small Bone, based in New York City, has a deep pipeline of implants, fixation and tissue technology products, which will enable it to take advantage of the strong growth in that niche of the orthopedics market.
| Issuer: | Small Bones Innovations, Inc.
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| Issue: | Series B financing
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| Amount: | $42.2 million
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| Investors: | NGN Capital, 3i (leads), Anspach Investments, Inc., Axiom Venture Partners III LP, TGap Venture Capital Fund, LP, Viscogliosi Brothers, LLC, Small Bone employees, individual investors, orthopedic surgeons
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| Closing date: | Dec. 12
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