CAMBRIDGE, England (Feb. 22, 2008) — Ranier Technology Ltd. has secured $16 million from new and existing investors to develop and commercialize its motion-preserving spinal implant products.
Cambridge-based Ranier develops medical devices utilizing proprietary Precision Polyurethane Manufacturing technology for spinal implants for clinical use.
The two investors, Alliance Trust Equity Partners and First Ventures, will fund the clinical testing and European launch of CAdisc L, the lumbar version of Ranier's compliant replacement spinal disc. The funding also will enable the company to further develop and test CAdisc C — Ranier's total disc replacement for the cervical spine.
Ranier said the market for replacement spinal discs is set to grow to more than $2 billion per year by 2015 and it anticipates the CAdisc products are "well placed to take a significant proportion of that market."