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Device Investors Showing Some Spine

This clearly isn’t the go-go period of spine in the mid 2000s, but venture capitalists can’t ignore the enormous opportunities for companies able to treat low back pain. Elsevier’s Strategic Transactions shows that just in the last year, 26 spine or low back pain companies received private funding. To be sure, many were small rounds, some were funded with debt, and some were insider rounds trying to keep companies moving forward, but venture investors showed excitement by investing in large rounds for a select number of start-ups.

The age of spine – roughly 2003 to 2007 – was a heady time for venture investors and spine entrepreneurs. Everyone involved knew the sector was getting too much attention from investors, but in their investment mind’s eyes the other 300 or so spine start-ups would be the ones to pay the price. As things turned out, when the reality cops came to bust up the party few escaped unscathed. The first pressure came from insurers who began requiring more clinical proof that spine devices could improve care without overinflating costs. Then, the recession drained the capital pool causing several high profile start-ups to simply run out of funds.

Today, VCs profess to getting a chill down their spine at the mere mention of a spine deal. In truth,...

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