BROOMFIELD, Colo., May 13, 2013 (GLOBE NEWSWIRE) -- Lanx, Inc., a privately held global spine company focused on developing and commercializing innovative devices for fusion surgery, today announced the closing of a $15 million Series C equity financing.
The financing round was led by new investor Credit Suisse Asset Management through its Customized Fund Investment Group (CFIG). All existing preferred equity investors participated in the round, including Chicago Growth Partners, Goldman Sachs Private Equity Opportunities Fund, Noro-Moseley Partners and Oakwood Medical Investors. New investor Hercules Technology Growth Capital also participated in the round. Proceeds will be used for continued growth of the sales and marketing infrastructure and further expansion of the Company's comprehensive product suite across both minimally invasive and core spinal fusion.
The Company's MIS business is driven by the TIMBERLINE™ Lateral Fusion System, a complete lateral access fusion system with low profile instrumentation that has seen strong adoption since its launch in February 2012, as well as the ASPEN® MIS Fusion System for posterior fixation. Lanx also offers a broad line of MIS implants for anterior, transforaminal, posterior and posterolateral approaches.
Dan Gladney, Chief Executive Officer, Lanx, said, "We are experiencing rapid growth of our lateral platform and our core fusion business, as surgeons consistently tell us we have the most innovative solutions on the market today. This financing allows us to further build on that success by expanding our high quality sales force, providing more resources to R&D and engineering to more rapidly develop and launch new products, and accelerating surgeon training on our lateral platform. We are extremely pleased with the support our existing investors have shown and are excited to welcome CFIG as our new investor. Lanx is strongly positioned to continue our momentum of both revenue growth and market share gains as we build a world-class, highly diversified spine company."
Lanx's broad portfolio of spine fusion solutions is available throughout the U.S., Mexico and Europe via a network of direct sales representatives and exclusive distributor partners. For more information about Lanx and its fusion portfolio, please visit www.lanx.com.
About Lanx, Inc.
Lanx is one of the largest privately held global spine companies, focused on providing surgeons with innovative solutions to improve the quality of spine care. The Company develops and markets a full line of fusion devices, with a leading platform of minimally invasive technologies including its TIMBERLINE™ Lateral Fusion System and ASPEN® MIS Fusion System. Lanx is headquartered in Broomfield, CO, and distributes its products throughout the world via a network of direct sales representatives and exclusive distributor partners. For more information on Lanx and its spinal surgery offerings, visit www.lanx.com and www.minimallyinvasivespinefusion.com.