Medical device company closes $10.1 million initial funding round
COLUMBIA, SC - The Trelys Funds is pleased to announce today the closing of an investment in medical device company SpineMedica Corporation. Trelys joined FCA Venture Partners III, a fund managed by Nashville-based Clayton Associates, and A/B Partners III, managed by Archbrook Capital Management of New York City and Philadelphia, in the $10.6 million initial funding round.
SpineMedica holds an exclusive and worldwide license to use the proprietary hydrogel, Salubria(R), for spinal applications. Salubria was developed by Dr. David Ku at the Georgia Institute of Technology and was incubated at Georgia's technology business incubator, the Advanced Technology Development Center (ATDC).
Trelys general partner Adrian Wilson, who has joined the board of directors of SpineMedica, said, "Trelys looks forward to working with this exceptionally strong team. SpineMedica's technology has clear and compelling advantages over existing devices and is poised to revolutionize spinal disc replacements-to the benefit of many who suffer from chronic back pain."
SpineMedica's board of directors includes numerous industry experts, such as Steve Gorlin and Lew Bennett, who have pioneered the use of other joint replacements, such as total hip implants, now considered to be the standard of care.
About SpineMedica Corp
SpineMedica, a Florida corporation, is a development stage company that is
focused on commercializing medical device technologies for application in the
spine and chronic back pain. SpineMedica's goal is to acquire promising
technologies in this field through licensing arrangements and develop and
commercialize such technologies based on its expertise. SaluDisc(TM) is a registered trademark of SpineMedica Corp.
About The Trelys Funds
The Trelys Funds is South Carolina's largest and most active early-stage venture capital firm. Providing both risk capital and experienced counsel, Trelys invests in emerging-growth companies in South Carolina and the surrounding region. The founding investors in Trelys include BlueCross BlueShield of South Carolina, BB&T Corporation, Carolina First Bank, First Citizens Bank, the Clemson University Foundation, and the Medical University of South Carolina Foundation. The current portfolio companies of Trelys include Biolex, Champion Communications, iOnosphere, Metabolon, Ometric, Stemco Biomedical, SpineMedica, TriVirix, and Unitrends. For more information, see www.trelys.com.
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