Titan Spine, a medical device surface technology company focused on developing surface-enhanced spinal interbody fusion implants, has announced it has closed a substantial round of Series B financing with its current investment partner, Southlake Equity Group. Titan will use the proceeds to drive the next stage of growth of the company through product line additions, sales team expansion, and accelerated research and development.
Titan Spine and Southlake Equity Group first partnered in June 2016, when Titan closed its Series A round with Southlake Equity anchoring the investment. Since closing its Series A round, Titan has grown by nearly 65% in a North American spine market that grows in the low single digits annually.
The company has added sales personnel, expanded its third-party distributor network, launched a new distribution centre in Memphis, Tennessee, attracted top talent from other spine and medical technology companies across all critical company functions, expanded its board of directors with independent medical device executives, and expanded access of its products into new markets.
During the past two years, the company has also accelerated the transition from its line of Endoskeleton interbody devices that incorporate its original surface technology to those that feature its pioneering nanoLOCK surface technology. nanoLOCK is the only nanotechnology cleared by the FDA for orthopaedic applications.
The Series B round of financing, which was supported by both Southlake Equity Group and legacy investors, exceeded capital-raising goals behind the enthusiasm of both management and Southlake Equity Group. The financing will allow the company to continue to drive sales growth that exceeds the overall North American spine market growth rate.
Peter Ullrich, chief executive officer and president of Titan Spine, commented: “Titan Spine’s core business is to help patients that are suffering from back pain enjoy healthier, productive and pain-free lives as quickly as possible following surgery. Our nanoLOCK proprietary surface technology was designed to do just that by fuelling the patient’s own healing mechanisms at the nano-level. The Series B round of financing will enable Titan Spine to help more patients with more products more quickly. We appreciate the continued support of Southlake Equity Group and are truly excited with the level of management investment in the Series B round.”