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) Capital Fund II, LP 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.
Vice President of Finance and Operations
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