Globus Medical Raises $110 Million in Series E Financing RoundNew Capital to Fund Continued Rapid Growth and Innovation
August 23, 2007 – AUDUBON, PA, USA PRNewswire – Globus Medical, Inc., the largest privately-held spinal implant manufacturer in the world, today announced the closing of a $110 million series E financing round. Clarus Ventures, LLC led the round and was joined by AIG SunAmerica and other large, institutional private equity funds. Banc of America Securities, LLC acted as sole placement agent.
The Series E financing will be used to fuel Globus Medical’s rapid growth and fund clinical trials associated with multiple innovative technologies under development. The company’s product development engine has produced an unprecedented number of spinal implant systems for fusion, minimally invasive surgery, motion preservation, and biomaterials.
“The investment in Globus Medical is a validation of the growth and success they have achieved since the company’s inception,” Kurt C. Wheeler, Managing Director, Clarus Ventures said. “With this new financing, Globus is well positioned to continue to expand its sales and distribution force and extend its innovative product portfolio at a pace unmatched in the industry.”
David Paul, Chief Executive Officer, Globus Medical said: “This financing is a reflection of Globus Medical’s position, and future, as one of the world’s preeminent spine companies. It’s our passion for the spine that distinguishes Globus Medical and inspires us to continue developing innovative technologies that ultimately result in better outcomes for our patients and customers.”
In the first half of 2007, Globus Medical has dramatically expanded the company’s sales and distribution footprint and introduced six new systems that represent significant technological advancements in fusion, MIS and biomaterials. Additionally, in the area of motion preservation, the company announced two “world’s first” surgeries using its transforaminal and posterior disc replacement systems.
As the result of this financing, Kurt C. Wheeler and Robert Liptak, Managing Directors at Clarus Ventures, will join Globus Medical’s Board of Directors.