Xconomy Boston reported today that Innovative Spinal Technologies of Mansfield, MA, has closed its doors following an unsuccessful bid to be acquired by Biomet Spine. The company previously secured roughly $75 million in venture capital funding since its inception in 2002.
IST had been working on the AXIENT™ Dynamic Fixation system and the PARAMOUNT™ Lumbar Fusion System, MIS Pedicle Screw System, Open Pedicle Screw System, and the VBR System
The company’s website has been shut down (see archived version) and its remaining 10 employees were let go Friday, January 23. No further word on the status of the company’s assets.