Zyga Technology Announces $25 Million Venture Financing
Zyga Technology Announces $25 Million Venture Financing
May 16, 2012 ‐ Zyga Technology announced today that it had raised $25 million in a Series C financing led by new investor Versant Ventures of Menlo Park, California. Joining Versant in this round are existing investors Split Rock Partners, Domain Associates, and MB Venture Partners. With this investment, Kirk Nielsen, Managing Director, Versant Ventures will join the board of directors of Zyga.
“We are thrilled to have the support of Versant in this critical round of financing. Having Kirk on our board will provide us with additional guidance as we navigate both the commercial strategy for our SImmetry® Sacroiliac Joint Fusion SystemTM and the rigors of clinical trials for the GLYDERTM facet resurfacing product,” said Jim Bullock, President and Chief Executive Officer. SImmetry, a device designed to treat low back pain emanating from the sacroiliac joint, has been approved by the FDA for commercialization. “These funds will allow us to focus on building world class sales, marketing, and clinical efforts to commercialize this important new technology,” said Bullock. “Additionally, I am very encouraged with the preliminary European clinical trial results of Glyder, our facet resurfacing device. This funding will help expand our clinical efforts which will ultimately serve to gain CE Mark and US trial approval,” concluded Bullock.
About Zyga Technology
Based in Minneapolis, MN, Zyga Technology was founded to develop and market innovative, minimally invasive surgical solutions to treat conditions of the spine. Zyga has put together a team of engineers, marketing personnel, and management with significant experience developing medical devices for the spine industry.
