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NuVasive is a medical device company focused on the design, development and marketing of products for the surgical treatment of spine disorders. The Company offers creative spine technologies that address the over $2 billion U.S. spine fusion market. The current principal products include a minimally invasive surgical platform called maximum access surgery, or MAS, and classic fusion products. NuVasive’s products have been used to date in over 15,000 spine surgeries, including over 10,000 spine fusions.
Our Role
Fund VII led NuVasive’s $30.0 Series D financing in May 2001 with a $10.0 million investment. Additionally, Fund VII invested $5.5 million in subsequent financings in 2002 and 2003. Other members of the equity syndicate included Kleiner Perkins Caulfield & Byers, Enterprise Partners, Domain Associates, A.M. Pappas and Johnson & Johnson Development Corporation. Dr. Arda Minocherhomjee represents Fund VII on the NuVasive Board.
As a Board member, Dr. Arda has been involved in hiring decisions for key management personnel, including a new CFO and VP of Sales, as well as strategic decisions regarding areas of future growth. CGP’s IT professional, Jim Milbery, has worked with NuVasive on information technology software and hardware strategies and procurement, including introducing NuVasive to Altiris, an enterprise management software company. Fund VII has provided financial support to the Company during all subsequent financings.
Results
In May 2004, three years after our initial investment, NuVasive sold 6.9 million shares at $11.00 per share (versus a cost basis of $5.49 per share) in an initial public offering (NASDAQ: NUVA). Analysts expect strong top-line growth to continue for the foreseeable future.
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