SpineCore, the Summit, N.J.-based maker of artificial lumbar and cervical discs, was founded in 2001 by Thomas J. Errico, M.D., Chief of Spine Services at NYU Medical Center and J.P. Errico. In 2003, Warburg Pincus led an $11 million investment to finance development of two novel artificial discs for the treatment of degenerative disc disease in the lumbar and cervical spine. More than 300,000 patients each year undergo spine fusion surgery, the current “gold standard” treatment to surgically eliminate pain and debilitation associated with a degenerated disc. Despite their prevalence, spine fusion surgeries result in a permanent reduction in the spine’s normal range of motion and fail to eliminate back pain in up to 30% of cases. SpineCore’s lumbar disc replacement device, FlexiCore, is designed to preserve the spine’s normal range of motion and can be implanted in a surgical procedure that is much less invasive than a typical fusion procedure. In July 2004, SpineCore was acquired by Stryker Corporation for $360 million in cash, including $120 million up front and $240 million in milestone and royalty payments upon U.S. commercialization of the company’s products. Stryker has indicated it intends to submit a premarket approval application to the U.S. Food and Drug Administration by 2007 for FlexiCore, which is currently in U.S. clinical trials.

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