Other assets listed include 20 human and bovine tissue samples that are all kept frozen, so the lights can’t be turned out as a thaw took place, the rooms could turn into a health hazard very quickly. Not all medical device companies make it and as you can see from below the investors here were some names we all recognize, like GE for one who contributed. BD
Innovative Spinal Technologies, the Mansfield, MA, maker of minimally invasive spinal repair devices, has filed for Chapter 7 bankruptcy protection after running out of cash and shutting its doors earlier this year. VentureWire published the news this morning. Sources told Xconomy that the bankruptcy was in the works after Wade broke the story about the startup’s shutdown in January.
The seven-year-old startup—which had raised $75 million from New York-based Orbimed Advisors, JPMorgan, MPM Capital in Boston, and corporate partners such as GE—burned through millions of dollars when it scaled up its operations with a relocation from Texas to a larger facility Mansfield in 2006 and a hiring plan that swelled its staff to more than 100 workers at one point, sources have told Xconomy. Yet sales of the company’s products—which included bone screws, plates, and a delivery system used in procedures to stabilize spinal segments in patients with damaged vertebral disks—were insufficient to support the expanded operations. Last year the startup was forced to cut its staff to 10 employees or fewer.
More from the story in January below: