HOLLAND, Mich., July 19, 2018— Genesis Innovation Group, LLC, announces the formation of HAPPE Spine LLC as well as investments by cultivate(MD) Capital Fund I, LLC and cultivate(MD) Seed Fund into HAPPE Spine.
Based on the work of Ryan K.Roeder, Ph.D. and researchers from the University of Notre Dame, HAPPE Spine has developed and will commercialize a material technology that allows for the construction of partial or fully porous hydroxyapatite reinforced polyetheretherketone (PEEK) implants.
Hydroxyapatite (HA) has been shown to encourage osteointegration of implants due to the unique nature of this material providing a very bone-friendly surface. HA whisker reinforced PEEK with variable porosity allows HAPPE to create advanced spinal interbody implants.
Dr. Roeder explained, “More than a decade ago, we envisioned that modifying PEEK to be both porous and bioactive would provide an ideal implant material solution for interbody spinal fusion. At that time, the market was not yet prepared for this innovation. As surgeons are now recognizing the advantages of utilizing bioactive hydroxyapatite enhanced PEEK or surface-porous PEEK, we are excited to combine both innovations into the same device.”
David Blue, Managing Director of cultivate(MD) said, “We believe the technology has the potential to provide significant differentiation in the spinal interbody market. But there are numerous other potential applications throughout the body and HAPPE will evaluate additional device applications as part of the product strategy.”
Rob Ball, Chairman and CEO, Genesis Innovation Group said, “Genesis is excited to have the opportunity to partner with Dr. Roeder and engage this exciting technology. The experienced talent at Genesis Innovation Group combined with financial capital at cultivate(MD) make for a powerful combination when envisioning the future of these types of innovations. Many orthopedic indications would benefit from a strong, bioactive, osteointegrative, and radiolucent material. We are making fast progress and continuing the development of this technology and products.”
Genesis Innovation Group and cultivate(MD) Capital Funds look forward to partnering with the developers of the material technology, all who will continue to be engaged with the Company as owners, investors, and advisors.
About cultivate(MD) Capital Funds
As a medical device venture capital fund, cultivate(MD) is dedicated to bringing emerging health care innovations to market, with a special focus on medical device and orthopedic technologies. cultivate(MD) is focused on investing in early stage healthcare companies with innovative technologies that have demonstrated evidence of effectiveness.
This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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Matt Ahearn
Vice President of Finance and Operations
Forwarding-Looking Statements
Certain Statements in this press release constitute forward-looking statements. When used in this press release, the words “will,” “anticipate,” and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Such forward-looking statements, including the intended actions and performance objectives of fund, its general partner, cultivate(MD) or any cultivate(MD) portfolio company referenced herein, involve known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance, or achievements of the general partner, or any cultivate(MD) fund or portfolio company to differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. No representation or warranty is made as to future performance or such forward-looking statements. All forward-looking statements in this press release speak only as of the date hereof. The fund, its general partner and cultivate(MD) expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
