SMALL BONE INNOVATIONS, INC. EXTENDS ITS EXCLUSIVE TRAINING AGREEMENT WITH RUSSIAN ILIZAROV SCIENTIFIC CENTER FOR AN ADDITIONAL 5 YEARS
NEW YORK, NY: August 4, 2010 –Small Bone Innovations, Inc. (SBi), a leading privately-held orthopedic company focused primarily on arthroplasty and trauma reconstruction technology and treatments for the small bones & joints, announced that it has extended its exclusive surgeon education and training agreement with the Russian Ilizarov Scientific Center for Restorative Traumatology & Orthopedics ('The Center') in the city of Kurgan, Siberia, Russia for a further five years through 2015.
The Center, named after its founder and pioneer in the field of orthopedics, the late Professor Gavriil A. Ilizarov, is the largest in the world specializing in the treatment of complex orthopedic problems. SBi's objective continues to be to attract surgeons from around the world wishing to develop or enhance skills in limb salvage -- principally among diabetic patients, limb lengthening, and deformity correction.
The Center, through SBi, will train at least 70 surgeons annually. SBi will also sponsor a six week fellowship twice a year for individual surgeons who desire the most advanced learning experience to make extensive use of the Ilizarov method in their practices for limb salvage and the severest forms of lower limb trauma and deformity correction.
Anthony G. Viscogliosi, Chairman & CEO of SBi, said: "I am extremely pleased to have entered into an exclusive agreement with the Center as it reflects SBi's value creation thesis of being data-driven, surgeon-centric and patient focused in addressing the unmet clinical needs of foot & ankle surgeons. This agreement is also a further testament to our commitment of being the education leader in foot & ankle."
Prof. A.N. Diachkov, Acting General Director of the Ilizarov Center, said: "The program we have created and executed with SBi makes it easier, quicker and more convenient for surgeons to become proficient in the use of new external fixation technology to solve complex musculoskeletal problems in lower limb reconstruction to avoid amputation, limb lengthening, and the correction of even the most severe deformities."
Richard Weiner, DPM FACFAS1, of Step Lively Foot & Ankle Center, Columbus, OH said: "Unfortunately the need for limb salvaging expertise is growing very quickly in the U.S. and the work being done at the Ilizarov Center is both admirable and essential. SBi is performing a great service to patients and physicians by providing both technology and hands-on training in its application."
E. Shawn Mansour DO, MD of North Houston Orthopedics, Houston, TX, said: "The invaluable experience and training provided at the Ilizarov Center through SBi has been providing real value and relief to our patients by adding a series of new options in lower limb treatment."
SBi has been attracting considerable attention in recent months in both the financial and the orthopedics sector. Out of nearly 5,200 companies considered, SBi was the only orthopedic company on the list of the top 50 U.S. VC-backed companies in the Wall Street Journal article "Sizing Up Promising Young Firms" on March 9, 2010. Additionally, SBi was the 7th highest ranked healthcare company and was 24th amongst all 50 companies highlighted.
The company closed on $12 million in Series E funding from Olympus Corporation in March 2010. The company secured a $30mm debt facility from Fortress Investment Group to fund accelerated business expansion and refinance existing indebtedness in November 2009. The company in mid 2009 closed on $144 million in Series D and Series C funding from a host of investors including, Goldman, Sachs & Co., Khazanah Nasional Berhad, (the investment firm of the Government of Malaysia), Malaysian Technology Development Corporation (MTDC), an integrated Malaysian-based venture capital company, The Family Office of Bahrain, Viscogliosi Brothers, LLC, Trevi Health Ventures, NGN Capital, 3i Group, and TGap Ventures, among others. Dr. Weiner has provided education services to SBi in the past.
About the Russian Ilizarov Scientific Center
The Russian Ilizarov Scientific Center for Restorative Traumatology and Orthopaedics is associated with the Russian Federal Agency that oversees advanced medical technology. The Center's training faculty was established in 1979 under the late Prof. G. A. Ilizarov. During the past 28 years, approximately 400 training courses have been conducted and were attended by more than 10,000 surgeons. A further 28 courses have been organized overseas for hospital orthopedics departments or societies.
The Center is the only clinical institution in Russia whose system of quality management has been certified as meeting the ISO 9001:2000 standard. The Center is also registered as one of the largest hospitals in the world with the ability to treat up to 1,000 patients simultaneously.
For more information, please visit: www.ilizarov.ru
About Small Bone Innovations, Inc.
Small Bone Innovations, Inc. (SBi) was founded in 2004 by Viscogliosi Brothers, LLC, (VB), a New York-based merchant banking firm that specializes in the musculoskeletal/orthopedics sector. VB created SBi as the first company to focus purely on small bones & joints. By integrating established companies and professionals in the field, SBi offers a broad, clinically proven portfolio of products and technologies to treat trauma and diseases in small bones & joints. Today, SBi has facilities in New York, NY, Morrisville, PA, Bourg-en-Bresse, France, Donaueschingen, Germany, and Kuala Lumpur, Malaysia and has sold its products in 46 countries. For more information on SBi, please visit: www.totalsmallbone.com
About Viscogliosi Bros., LLC
Established by Marc R. Viscogliosi, John J. Viscogliosi and Anthony G. Viscogliosi in New York City in 1999, Viscogliosi Bros., LLC (VB) was the first venture capital/private equity and merchant banking firm dedicated exclusively to the musculoskeletal/orthopedics sector of the health care industry.
VB's mission is to create, build and finance companies founded on innovations developed by surgeons and uniquely focused on "life changing" musculoskeletal/orthopedic technologies. Marc, Anthony and John Viscogliosi have executed multiple financial, strategic and management transactions for companies in the musculoskeletal/orthopedic sector.
Forward-looking statements
This news release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting SBi's business including increased competition; the ability of SBi to expand its operations and to attract and retain qualified professionals; technological obsolescence; general economic conditions; and other risks.