Daily News: October 23, 2012

Comerica Bank Closes $2 Million Facility for Spinal Restoration

Spinal Restoration, Inc. announced the closing of a $5 million financing round that will fund the company’s Biologic License Application (BLA) submission and early commercialization efforts for the Biostat System. The $5 million in financing includes $3 million in equity from current investors Austin Ventures, Sante’ Ventures and MB Venture Partners, and a $2 million debt facility from Comerica Bank.

Gary Sabins, president and CEO of Spinal Restoration, said, “The continued financial support and confidence of our existing investors reflects the potential of the Biostat System to help the millions of patients that suffer from debilitating discogenic low back pain each year. With the additional backing of Comerica Bank, Spinal Restoration is well funded to complete our BLA submission and initiate our commercialization efforts for the Biostat System.”

Spinal Restoration restores patients’ lives by delivering new therapies that address unmet needs in spine health management.

Austin Ventures is a venture capital and growth equity firm in Texas.

Sante’ Ventures is a life sciences venture capital firm that invests exclusively in early-stage companies developing innovative new medical technologies or healthcare delivery models.

MB Venture Partners is a venture capital firm that provides venture capital and strategic direction to life sciences companies.

Comerica is a financial services company headquartered in Dallas.