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TruSpine Investor Update Jan 18 PDF
TruSpine Investor Update Jan 18 PDF
TruSpine Investor Update Jan 18 PDF
Investor update
January 2018
Fundraising
After a slow start, due in part to market conditions, Brexit concerns, and changes in legislation for
pension related investments, the company saw a welcome increase in equity investment from
several funding sources. The most significant of which came from AIM listed investing company
Primorus Investments Plc, who invested £500K in a placing late last summer.
This year the company has already secured further funding through a placing that closed at the end
of January, from which the funds are imminently expected to arrive. This clearly illustrates a
continued high degree of confidence in the company and its products.
The company intends to secure up to a further $1.5m USD in order to fully fund it to its first FDA
clearance, and subsequent planned IPO.
There have been additional Intellectual Property filings/publications, including regular updates to
incorporate all additional design modifications and nuances, and as a result the company’s IP
position is considered by the patent attorneys to be extremely robust. Once again this process
continues to illustrate the validity of the unique and disruptive attributes of the company’s products.
Final development and testing of the FaciLOK (Lumbar spine fixation system) and its implantation
instrumentation, is expected to complete and reach “design freeze” in the near future. The
development team and the inventor have been applied in ensuring that the FaciLOK can be
successfully and safely implanted into patients with a minimum level of surgical skill, thereby
broadening the scope for market adoption.
The CerviFAS (Cervical spine fixation system) and its implementation are also very close to design
freeze, which means one can follow very close behind the other in the FDA approval process.
Assuming the availability of sufficient funding, then it would also be possible to run the two in
parallel.
Last summer TruSpine were independently cited as one of the 20 most promising Med Tech
companies in Europe, and consequently were asked to present at the Healthtech Summit in
Lausanne.
From this experience it became further evident that TruSpine appear to be the only company
applying any level of true innovation to the spine market at this point, this was further confirmed by
other major med tech company representatives in attendance during the summit.
In addition, it became apparent that TruSpine is certainly on the radar of the major players in the
spine market, who appear to be keeping a watching brief to see how things develop.
As previously stated, the market is characterised by the acquisition of emerging companies by the
major players at an appropriate time in their development, particularly when there is disruptive
technology involved such as is the case with TruSpine.
The selection for this event certainly assisted in building TruSpine’s profile, as well as underpinning
the belief that the company’s strategy and products do have the scope and potential we all believe
they do.
New additions
Professor Raweh brings with him a wealth of knowledge and medical expertise, particularly in the
areas of Cardio Thoracic and vascular surgery. He is also very well placed to assist in promoting
adoption of the company’s products in some key geographical areas.
IPO
Plans for Truspine to IPO in the coming months with Cenkos Securities of London and the rest of the
IPO team remain on track, and at a meeting last week it was agreed that the listing should be
secured as soon as possible this year. This is planned to be concurrent with FDA clearance for the
first product, which will cement a far more substantial pre-money valuation.
As previously stated an IPO will not only provide the company with enhanced corporate credibility,
but will also facilitate an opportunity to raise the next level of funding required for the wider
commercialisation of the company’s products. Assuming the company is not pursued for acquisition
in a trade sale first, which as has been stated before is characteristic of the spine market.
KPMG expect that the process will take circa 2 months in total to complete. A bridge funding option
has already been arranged to enable the company to access part of the claim in advance to support
the FDA application process.
Summary
We hope that the information above provides you with a more incisive view of the company’s
progress and current position. Should you wish to contact us to discuss any of the matters raised, or
to discuss investment opportunities into TruSpine in general, please contact the persons listed below
in the first instance.
Contact information