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Print Edition StoriesMonday, June 1, 2009
Innovative Spinal files for bankruptcy protection
By Mass High Tech staff
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Innovative Spinal Technologies Inc., a Mansfield-based medical device firm that ceased operations in February, has officially filed for Chapter 7 bankruptcy protection.
The filing with the U.S. Bankruptcy Court in the district of Massachusetts cites the company’s estimated assets between $1 million and $10 million, with estimated liabilities between $10 million and $50 million. According to the filing, Innovative Spinal also has 100 to 200 creditors.
The firm, which focused on minimally invasive spine surgery and motion preservation, also noted its possession of nine cadavers.
The February shutdown included dismissal of staff, emptying of the medical device firm’s plant and disabling of the company website.
Founded in 2002 as an incubator at the Texas Back Institute in Plano, Texas, the firm pulled in $6.2 million from backers including General Electric Healthcare Technologies Inc. In 2005, it relocated to the Boston area after closing on a $39 million Series B round. The investment included backing from OrbiMed Advisors, of New York; MPM Capital, of Boston and San Francisco; and JPMorgan Partners, of New York.
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