Cambridge, England - Ranier Technology, a developer ot spinal-implants, has secured an £8 million ($16 million) from new and existing investors to develop and commercialise its motion-preserving spinal implant products.
Cambridge-based Ranier develops medical devices utilising proprietary Precision Polyurethane Manufacturing (PPM) technology for spinal implants for clinical use.
The two investors, Alliance Trust Equity Partners (ATEP) and First Ventures, will fund the clinical testing and European launch of CAdisc L, the lumbar version of Ranier's compliant replacement spinal disc. The funding will also enable the company to further develop and test CAdisc C - Ranier's total disc replacement for the cervical spine.
"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," commented Dr Geoffrey Andrews, ceo and founder of Ranier, in a 19 Feb announcement on the deal.
The devices are designed to replace diseased spinal discs in both the lumbar (lower back) and cervical (neck) regions of the spine, to bring relief and a normal quality of life for younger patients (20 - 60 years old) who suffer debilitating pain from degenerative disc disease, said the statement.
Ranier said the market for replacement spinal discs is set to grow to over $2000 million per annum by 2015 and it anticipates that the CAdisc products are "well placed to take a significant proportion of that market."
CAdisc is an 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. It is highly durable, entirely MRI compatible, and can protect adjacent discs from the accelerated degeneration observed with non-compliant implants.