MANSFIELD – Integra LifeSciences Holdings Corp., a Plainsboro, N.J.-based medical device company, announced last week that it paid $9.25 million in cash for nearly all the assets of Innovative Spinal Technologies Inc. in a bankruptcy auction.
Innovative Spinal, which had been headquartered in Mansfield’s Cabot Business Park since 2005, closed its doors in January and filed for bankruptcy protection in May after laying off most of its roughly 100 workers. The company was spun off from the Texas Back Institute in 2002. The company reported total revenue of $2.2 million last year.
Integra LifeSciences (Nasdaq: IART) said its Integra Spine subsidiary plans to start selling Innovative Spinal’s Paramount MIS/Open minimally invasive lumbar fusion system in the first quarter of next year. The company said iData Research Report estimates the total market for similar systems at $678 million.
Integra said it also acquired more than 100 U.S. and foreign patents and patent applications held by Innovative Spinal, as well as the defunct company’s trademarks, product inventory and some of its patent license agreements.
“We are excited to add a minimally invasive spinal implant system to our product portfolio,” Randy Theken, president of Integra Spine, said in a statement. “This acquisition gives us innovative products that can be available near term, as well as intellectual property that will support a pipeline of new products, particularly in the rapidly growing field of minimally invasive spine surgery.”
The tech news site Xcomony estimates Innovative Spinal burned through $75 million in venture capital and private equity money during its seven years in operation.
Additional information is available at Integra-LS.com.
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