Mequon-based Titan Spine LLC raised $16.7 million in a recent series B round, according to a new U.S. Securities and Exchange Commission filing.
The medical device developer announced earlier this month that the funding will “drive the next stage of growth of the company,” including product line additions, sales team expansion and accelerated research and development.
Titan Spine’s current investment partner, Texas private equity firm Southlake Equity Group, led the round, which was targeted at $20 million, according to the SEC filing.
The company makes titanium spinal interbody implants with a specially grooved surface to promote bone growth, for use in spinal fusion surgeries. Since launching in 2006, it has grown at a rate of more than 40 percent per year. A BizTimes Milwaukee cover story in May explored the company’s significant growth.
“Titan Spine’s core business is to help patients that are suffering from back pain enjoy healthier, productive and pain-free lives as quickly as possible following surgery,” said Peter Ullrich, chief executive officer and president of Titan Spine, in a statement. “Our nanoLOCK proprietary surface technology was designed to do just that by fueling the patient’s own healing mechanisms at the nano-level. The Series B round of financing will enable Titan Spine to help more patients with more products more quickly. We appreciate the continued support of Southlake Equity Group and are truly excited with the level of management investment in the Series B round.”
