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Press Release

Medicrea Announces Closing of €20 million Financing to Support Commercial Expansion of Patient-Specific UNiD™ Rods for Spine Surgery

Posted on: 23 Aug 16

LYON, France and NEW YORK, Aug. 22, 2016 (GLOBE NEWSWIRE) -- Medicrea (Alternext Paris: FR0004178572 – ALMED), pioneering the development and manufacture of personalized analytical services and implant solutions for the treatment of complex spinal conditions, announced today that it has completed its previously announced €20 million financing to support further US market penetration of the UNiD™ Patient-Specific Rods and to begin commercializing the technology in new international markets. The financing consisted of 4 years, 6.75% €15 million Convertible Bonds and €5 million in equity.

The sole investor in the Convertible Bonds was a leading US healthcare investor, Athyrium Capital Management. The nominal amount of the issuance is 15,000,000 euros represented by 2,400,000 Bonds each with a par value of €6.25. In the equity private placement, Medicrea issued 1,028,803 common shares with a nominal value of €0.16 at a price of €4.86, which represented a discount of 5% compared to the 3-day volume weighted average stock price prior to the transaction.  The participating eligible investors pursuant to Article L. 411 -2 II of the French Monetary and Financial Code included Medicrea’s President and CEO, Denys Sournac, current Board members, Medicrea’s recently appointed Director and Chief Commercial Officer and Business Development Officer, Richard Kienzle, and various US and French investors.

Mr. Sournac stated, “We are extremely pleased to close this €20 million financing. This important capital infusion, as well as the appointment of Rick to our senior management team, represent critical developments in our efforts to expand commercialization activities for Medicrea’s pioneering Patient-Specific UNiD™ Rods. Medicrea is the industry leader in personalized spine care, and we expect the additional resources from this financing will enable us to meaningfully expand our market penetration.”

To date, Medicrea has collaborated in nearly 900 UNiD™ surgeries with a growing number of healthcare providers who recognize the value of Patient-Specific UNiD™ Rods to reduce operation times and enhance patient outcomes using clinically-proven sagittal alignment parameters. Each case is also supported by Medicrea’s end-to-end analytical service to further develop the Company’s collaboration with surgeons and providers for improved patient care that can be defined through an expanding scientific data set.

Raymond James & Associates, Inc. acted as sole placement agent for the transactions.

About Medicrea (
The Medicrea Group is solely responsible for introducing personalized value-based healthcare solutions to the global complex spine market. The Company has driven innovation in Spine by focusing development on outcome-focused, market-disrupting technologies, including the growing UNiD™ Technology Platform of Patient-Specific Implants and Analytical Services, which received the first-ever FDA Clearance in November 2014. Medicrea has uniquely positioned itself outside of the traditional implant manufacturer’s role in order to engage with each market player as a collaborator, offering customized implants to patients, personalized services to doctors and immediate cost-savings to providers. By leveraging its proprietary solutions with science, Medicrea is well-placed to improve spinal care efficiency for all stakeholders and continue charting clinical advancements.

About Athyrium (
Athyrium Capital Management, LP ("Athyrium") is a specialized asset management company formed in 2008 to focus on investment opportunities in the global healthcare sector. As of March 31, 2016, Athyrium had over $1.7 billion of assets under management. The Athyrium team has substantial investment experience in the healthcare sector across a wide range of asset classes including public equity, private equity, fixed income, royalties, and other structured securities. Athyrium invests across all healthcare verticals including biopharma, medical devices and products, and healthcare focused services. The team partners with management teams to implement creative financing solutions to companies' capital needs.

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This announcement does not, and shall not, in any circumstances constitute a public offering nor an invitation to solicit the interest of the public in France, the United States, or in any other jurisdiction, in connection with any offer.

This press release contains certain forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those anticipated in such forward-looking statements. For a discussion of risks and uncertainties which could cause the Company's actual results, financial condition, performance or achievements to differ from forward-looking statements, please refer to the Risk Factors section of the Company’s Reference Document which is available on the AMF website ( and on the Company's website ( In France, the offering of shares complies with Article L. 411-2 of the French Monetary and Financial Code and applicable regulations. In accordance with Article 211-3 of the AMF General Regulations, this offer does not require a Prospectus to be submitted to the AMF for approval.

This document does not constitute an offer of securities for sale or the solicitation of an offer to purchase securities in the United States or any other jurisdiction where such offer may be restricted. The securities offered in the private placement have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration, or an applicable exemption from registration requirements under the Securities Act. The Company does not intend to make a public offering of these securities in the United States.

Raymond James is acting for the Company and for no-one else in relation to the transaction, and will not be responsible to any other person for providing the protections afforded to their clients nor for providing advice in connection with the matters contained in this announcement. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by Raymond James or by any of their affiliates or agents, as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.


Last updated on: 24/08/2016

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