icotec ag raises $30m in growth financing from MVM Partners

icotec ag raises $30m in growth financing from MVM Partners

Published: 29-01-2024 14:48:00 | By: Pie Kamau | hits: 2167 | Tags:

icotec ag, the innovative spinal tumor implants company, has raised $30 million in its growth journey, from 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.

Roger Stadler, Group CEO, icotec ag: "We are thrilled to partner with MVM, whose deep understanding of the healthcare landscape aligns seamlessly with our vision for the future. 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.

Thomas Casdagli, Partner, MVM: "We are excited to support icotec in its mission to revolutionize the spinal implant industry. 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.