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PRESS RELEASE: InvestMichigan! Growth Capital Fund Makes Investment in Marquette, Mich.-Based Pioneer Surgical Technology, Inc.
December 12, 2008
FARMINGTON HILLS, Mich. — InvestMichigan! Growth Capital Fund (IMGCF), co-managed by Beringea and Credit Suisse’s Customized Fund Investment Group, today announced a $5 million investment in one of the state’s leading manufacturing sectors. The IMGCF’s participation in Pioneer Surgical Technology’s $15 million Series B Financing will help fund the human clinical trials of the NuBac(tm) Nucleus Replacement Device for the spine, which recently received U.S. Food and Drug Administration approval to proceed to an investigational pivotal study.
“Pioneer has fostered a rich culture of innovation since its 1992 founding and has evolved to become a dynamic, research-driven medical device company delivering highly-differentiated spine and orthopedic devices,” IMGCF co-manager Charles Rothstein, senior managing director of Beringea, commented. “With its focus on one of the largest, fastest growing and most profitable segments in the medical device industry, we feel confident Pioneer Surgical will be a valuable addition to the IMGCF portfolio.”
The IMGCF is part of the $300 million InvestMichigan! fund created by Governor Jennifer Granholm and initially capitalized by the State of Michigan Retirement System. The fund is focused on generating strong returns for investors and growing the next generation of Michigan companies.
About Pioneer Surgical Technology
Pioneer Surgical Technology, Inc., headquartered in Marquette, Michigan, is a dynamic medical device firm with a full line of cutting-edge motion preservation devices, either available commercially in Europe or under clinical evaluation in the U.S. Pioneer’s signature articulating P3(tm) Technology — Pioneer PEEK-on-PEEK, in its NuBac(tm) disc arthroplasty system, BacJac(tm) interspinous decompression system, and NuNec(tm) artificial cervical disc, is the most technologically advanced in the industry. Currently, Pioneer offers a diverse portfolio of next generation spinal fusion devices. Pioneer’s focus on innovation has resulted in over 100 U.S. and Foreign patents with numerous patents pending. The company established a Biologics Division following two acquisitions in 2007. Pioneer Orthobiologics is developing a rich pipeline of products indicated for a variety of spinal and orthopaedic applications. Pioneer focuses on developing products which are easier and faster for the surgeon, cost effective for the health care system, and provide better patient outcomes. www.pioneersurgical.com
About the InvestMichigan! Fund & Business Leadership Council
The InvestMichigan! Fund is an economic initiative created by Gov. Jennifer Granholm focused on retaining and attracting businesses to the State of Michigan and further developing the State’s entrepreneurial ecosystem. The Fund has been divided into two pools of capital: one targeting smaller companies with high growth characteristics (InvestMichigan! Growth Capital Fund), and another targeting more mature companies seeking a change of control through a buyout transaction (Michigan Opportunities Fund). The Growth Capital Fund is co-managed by Beringea, a Michigan-based venture capital firm experienced in geographically targeted investment programs, and Credit Suisse’s Customized Fund Investment Group, a highly-respected global network of funds and co-investments. The Michigan Opportunities Fund is managed by Glencoe Capital, private equity firm focused on lead-sponsored acquisitions and growth equity investments in lower middle-market companies.
Companies that become part of the portfolio and their management teams will be supported by the Fund’s Business Leadership Council comprised of Michigan business leaders who offer support, guidance and access to business relationships. Members include: Jon Barfield, Chairman & President, The Bartech Group; John Brown, Chairman, Stryker Corporation; Ben Carter, EVP & COO, Detroit Medical Center; James Epolito, Michigan Economic Development Corporation; Mark Fields, Ford Motor Company; Dan Gilbert, Chairman, Quicken Loans, Inc.; James Hackett, President & CEO, Steelcase, Inc.; William Hartman, Citizens Bank; Jim Herbert, Chairman & CEO, Neogen Corporation; George Jackson, President & CEO, Detroit Economic Growth Corporation; Thomas Kinnear, Ross School of Business, University of Michigan; Josh Linkner, Founder & CEO, ePrize, LLC; Andrew Liveris, Chairman & CEO, Dow Chemical Co.; Mark Murray, President, Meijer, Inc.; Bob Naftaly, Former COO, BCBS; Roger Penske, Chairman & CEO, Penske Corp.; Rich Peters, Managing Director, Transportation Resource Partners; Mary Petrovich, CEO, AxleTech International; Sandra Pierce, President & CEO, Charter One Bank (MI & IN); Rebecca Smith, East Mich. Regional President, Huntington National Bank; and, Ken Whipple, Chairman, CMS Energy.