icotec ag raises $30m in growth financing from MVM Partners
ALTSTAETTEN, Switzerland and EAST HARTFORD, Conn., Jan. 24, 2024 /PRNewswire/ -- icotec ag, the leading company in the field of innovative spinal tumor implants is pleased to announce a significant milestone in its growth journey by establishing a strategic partnership with MVM Partners ("MVM"), a global healthcare venture capital firm. icotec is commercializing groundbreaking BlackArmor® Carbon/PEEK products that may offer significant clinical advantages over traditional metal implants in the context of spine oncology, making the full potential of the treatment possibilities available for patients along their journey.
Since receiving FDA clearance in 2019, many designated US cancer centers have adopted icotec's BlackArmor® products. This investment will enable icotec to continue its impressive growth and strengthen its research and development capabilities to expand the portfolio into the underserved indications of spinal infection and osteoporosis.
"We are thrilled to partner with MVM, whose deep understanding of the healthcare landscape aligns seamlessly with our vision for the future," said Roger Stadler, Group CEO of icotec ag. "This partnership marks a pivotal moment for icotec, supporting us to advance our mission of improving patient outcomes by offering a convincing alternative to the 100-year-old material technology of metal implants."
MVM has a strong track record of supporting and partnering with innovative healthcare companies and recognizes the potential of icotec's technology to transform patient care. The partnership represents a vote of confidence in icotec's leadership, products, and the overall trajectory of the company.
"We are excited to support icotec in its mission to revolutionize the spinal implant industry," commented Thomas Casdagli, Partner at MVM. "icotec's BlackArmor® Carbon/PEEK implants represent a huge step forward in the treatment of complex spine disease. For the first time clinicians have the choice to be able to accurately visualize and treat patients after surgery without the artifacts and limitations of traditional metal implants. We see this as a big step forward for patient care. We look forward to working closely with the icotec team to drive continued success and growth."
WISTAMA Finanz- und Beteiligungs AG, the family office of the Stadler family that founded icotec, remains fully invested as majority shareholder and committed to the long-term development of icotec.
For media inquiries or further information, please contact:
Remo Keller, Group CFO, [email protected], +41 71 757 00 96
About icotec ag
icotec is the leading company for the treatment of spinal tumors with a new generation of high-tech implants. With its BlackArmor® Carbon/PEEK implants, icotec combines cutting-edge technologies and industry expertise to deliver innovative and reliable solutions for spine surgeons and their patients and is dedicated to advancing the field of spinal implantation. With a track record of clinical success and a commitment to continuous innovation, icotec is poised to shape the future of spinal surgery. The comprehensive product portfolio has received FDA approval and is supported by numerous Key Opinion Leaders and Cancer Therapy Centers worldwide. More information can be found at www.icotec-medical.com.
About MVM Partners
MVM has invested in high-growth healthcare businesses since 1997. With teams in Boston and London, MVM has a broad, global investment outlook spanning medical technology, pharmaceuticals, diagnostics, contract research and manufacturing, digital health, and other sectors of healthcare. More information can be found at www.mvm.com.
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