OfferBoard Securities Announces Series B Financing for Atlas Spine and its Novel Array of Spine Solution
PRINCETON, N.J., April 8, 2015 (GLOBE NEWSWIRE) — via PRWEB – Medical device company Atlas Spine announced its plan to raise $5 million through OfferBoard Securities to further its existing business and monetize, through a licensing and royalty model, their patented portfolio of spinal implant product systems. Approximately 85% of inhabitants in the Western world experience chronic back pain during their lifetime, with 8 to 10 million people permanently disabled from spinal related issues. As the population ages and technologies, such as Atlas Spine, improve, the minimally invasive surgery and fusion markets are currently experiencing substantial growth.
When drugs and physical therapy fail to relieve back pain, patients will often opt for spinal fusion surgeries. Published studies in SAS journal of the International Society for the Advancement of Spine Surgery and the Society for Minimally Invasive Spine Surgery have demonstrated that when several discs are involved, spinal fusion has been proven to be highly effective. Atlas Spine’s seven patented products and twenty-eight patents in development seek to assuage several back ailments, boosting patient outcomes and reducing recovery times simultaneously.
Atlas Spine has engaged OfferBoard Securities to facilitate a capital raise in order to complete their Series B preferred round. Andre Peschong, a Managing Director at OfferBoard Securities stated, “Through this 506c offering individual accredited investors have the ability to participate in what would previously have been highly limited offering prior to the enactment of Title II of the JOBS Act. It is exciting to think about what this could mean for the development of new medical devices” Doug Watson, Atlas Spine CEO stated, “we see a tremendous value with the OfferBoard platform as it allows us to broadly reach out to investors both individually and institutionally and tell our story”. Watson also stated, “we have a dynamic intellectual property portfolio of differentiated and disruptive spinal implant products and instrument sets.” He went on to note that many companies in the spinal device industry have been receiving large valuations, saying, “With the recent multiples of deals being executed in our space we felt this is the right time to capitalize in the marketplace”.
