Innovative Spinal Technologies Files for Bankruptcy and Lists Frozen Human Cadavers as Assets
Posted Jun 04 2009 10:41pm
Other assets listed include 20 human and bovine tissue samples that are all kept frozen, so the lights can’t be turned out as a thaw took place, the rooms could turn into a health hazard very quickly. Not all medical device companies make it and as you can see from below the investors here were some names we all recognize, like GE for one who contributed. BD
The seven-year-old startup—which had raised $75 million from New York-based Orbimed Advisors, JPMorgan, MPM Capital in Boston, and corporate partners such as GE—burned through millions of dollars when it scaled up its operations with a relocation from Texas to a larger facility Mansfield in 2006 and a hiring plan that swelled its staff to more than 100 workers at one point, sources have told Xconomy. Yet sales of the company’s products—which included bone screws, plates, and a delivery system used in procedures to stabilize spinal segments in patients with damaged vertebral disks—were insufficient to support the expanded operations. Last year the startup was forced to cut its staff to 10 employees or fewer.