|
Philadelphia, PA, June 19, 2007: Gentis Inc., the developer of the DiscCellTM in-situ polymerizing spinal nucleus augmentation technology, today announced the closing of its first institutional financing. The $10 million round, co-led by Pappas Ventures (Durham, NC) and Easton Capital (New York, NY), also included significant funding from Ivy Capital Partners (Montvale, NJ) and Matignon Technologies (Paris, France). Gentis will use the funds to complete the remaining pre-clinical testing and the pilot clinical study required to file an IDE for a pivotal trial with the FDA in 2008.
"Gentis progress over the past year and their successful first in human implants in May demonstrated to the investor group the dedication of the Gentis team, the quality of their relationships in the spine market and the potential superiority of the DiscCell material over other technologies being investigated in the exciting and expanding market of spinal nucleus augmentation," commented Arthur Klausner, Partner at Pappas Ventures. "The Gentis team continues to demonstrate the merits of its differentiated DiscCell technology, which should lead to a dynamic pivotal trial in the US in the near future," added Frank Garcia, Partner at Easton Capital Partners. Joining Mr. Klausner and Mr. Garcia on the Gentis Board will be Robert Pangia, Partner at Ivy Capital.
"The Gentis team welcomes the new members of the Board and looks forward to utilizing the expertise of all the investors as we move the DiscCell further into the clinic and prepare for the US pivotal trial," stated David W. Anderson, Gentis President and CEO. "The unique skills and resources of the investors will enhance our internal resources and build upon a sound base to achieve significant milestones over the coming months," continued Mr. Anderson.
Gentis anticipates a submission for CE mark in 2008.
|