CAMBRIDGE, England, Feb. 18 /CNW/ - Ranier Technology, a Cambridge UK
based spinal implant development company, has secured an GBP8 million
($16 million) investment from new and existing investors to further develop
and commercialise its motion preserving spinal implant products. The
investment was made by Alliance Trust Equity Partners (ATEP) and First
Ventures 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 CEO 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 - 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 is a unique,
entirely polymeric, shock absorbing design which 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 were advised by specialist high
technology fund raising and corporate finance advisors First Capital
Notes to Editors
About Ranier Technology Limited
Ranier Technology, located in Cambridge, England, is a medical device
developer utilising its proprietary Precision Polyurethane Manufacturing (PPM)
technology to bring next generation, motion preservation spinal implants to
About Alliance Trust Equity Partners
ATEP is a wholly owned subsidiary of Alliance Trust PLC and is focussed
on the provision of private equity finance. Alliance Trust PLC, a FTSE 100
company, is an international investment and financial services group,
specialising in fund management, pensions and investment services.
Alliance Trust PLC is currently the UK's largest generalist investment
trust company investing on a global basis across all major markets and
Richard Hope led the transaction for ATEP and joined the board of Ranier
on completion of the investment.
About First Ventures
FirstVentures advises FNI Venture Capital, the venture capital fund of
the Nixdorf family, which invests in UK technology companies. FirstVentures
has a particular specialisation and interest in companies which are exploiting
opportunities based on advanced materials.
FirstCapital is an investment bank specialising in fund raising and
acquisitions advice for high growth technology companies. Established in 1999,
it has offices in London and Cambridge. Clients include entrepreneurs,
technology companies and investors in private companies. Services range from
first round venture capital funding for technology companies to private equity
exits for shareholders. Authorised and regulated by the Financial Services
Authority, First Capital is a member of the British Venture Capital
For further information:
For further information: Dr Geoffrey Andrews, CEO Ranier Technology
Limited, +44(0)1223-505045, firstname.lastname@example.org