by
Joan Trombetti, Writer | February 05, 2009
Innovative Spinal Technologies Inc., former maker of spinal devices, has closed its website and did not return DOTmed staff phone calls. A former board member said several founders reported the firm shut down last week.
As added evidence to the claim, Xconomy, a Boston business website that covers technology and life sciences companies, said the company was forced to close after a deal collapsed to sell itself to Biomet Spine of Parsippany, N.J.
In 2007, the company was thriving and raised $75 million in funding with more than 100 employees. Since then, IST had gradually trimmed its staff down to 80 employees according to the new 2008 New England Technology Directory.
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A spin off of the Texas Back Institute, IST once attracted a number of investors, including OrbiMed Advisors LLC, JP Morgan, and MPM Capital.
