Spray Ventures Portfolio Co. Facet Solutions Raises $3.6M - CBL

By Citybizlist Staff

HOPKINTON -- Facet Solutions Inc. has raised $3.59 million of $5.5 million mixed offering, according to a Reg D filing with the U.S. Securities and Exchange Commission.

The Hopkinton-based company develops implants for patients with lumbar spinal disorders. Its investors are Newton-based Spray Venture Partners, Palo Alto, Calif.-based De Novo Ventures and Pequot Ventures (FirstMark Capital) in New York.

Principals named in the filing are Geoff Pardo, president and director, and other directors Kevin Connors of Spray, Juliet Bakker of Pequot, Joseph Mandato of De Novo, Michael McCarthy of Pipeline Biomedical Holdings (Parsippany, N.J.), T. Wade Fallin of MedicineLodge Inc. (Logan, Utah) and Alan Chervitz, a co-founder.

Reg D filing: http://tinyurl.com/yebzne3

Also at Citybizlist, see:

Facet Solutions Establishes Corporate Headquarters in Hopkinton

Bios from Facet's Web site:

Geoff Pardo
President and Chief Executive Officer

Geoff Pardo brings years of medical device industry experience to Facet Solutions that encompasses work on the operating side of the business, as well as significant Venture Capital experience in value building. While at Synthes, he championed the introduction of a novel bone graft substitute for cranio-maxillofacial applications. As a venture capital investor at Cardinal Partners and Spray Venture Partners, he managed investments in areas such as nucleus replacement, spinal fixation and most recently, facet joint replacement. Additionally, Mr. Pardo has served on the board of numerous medical device companies, serving interim management roles at Highgate Orthopedics and Cascade Opthalmics. He has also co-founded start-ups including Kolis Scientific and Cascade Ophthalmics. Mr. Pardo has a B.A. degree from Brown University, and a M.B.A. from the Wharton School.

Board of Directors

Juliet T. Bakker, Pequot Ventures

Juliet Tammenoms Bakker is a founder and Managing Director of Longitude Capital.

She focuses on investments in medical devices. Most recently, Ms. Tammenoms Bakker was a Managing Director of Pequot Ventures where she founded the life sciences investment practice in 1997.

Prior to Pequot, she was Director, Strategic Planning and Director, Operations of Waste Management International, Inc. in London. Before that, she was a sell-side analyst at Banque Paribas in London where her coverage universe included emerging growth companies.

Ms. Tammenoms Bakker began her career 21 years ago as an investment banker at PaineWebber where she focused on healthcare and emerging growth companies. She has served or currently serves on the boards of Ablation Frontiers, Acufocus, Altiva, Aptus Endosystems, Broncus Technologies, CryoVascular Systems, Disc Dynamics, Embolic Protection, Enteric, eyeonics, Facet Solutions, Genyx, Insulet, LaserSight, Paracor Medical, Sadra Medical and Sanarus Medical. She also sits on the board of the National Audubon Society and the Livingston Ripley Waterfowl Sanctuary.

Ms. Tammenoms Bakker holds an M.P.A. from the John F. Kennedy School of Government at Harvard University and a B.S. in Biological Sciences from Cornell University.

Alan Chervitz, Facet Solutions, Inc.

Alan Chervitz is the founder of Facet Solutions, Inc., and brings a depth of experience in building shareholder value within the medical device industry. His past positions include Executive Vice President, Chief Operating Officer and Director of Innovasive Devices, Inc; President, CEO and Co-Founder of MedicineLodge; President, CEO and Co-Founder of Orthodynamics. He holds 26 U.S. patents, with more pending. Mr. Chervitz earned a Bachelor's of Science Degree in Mechanical Engineering from the Georgia Institute of Technology.

Kevin G. Connors, Spray Venture Partners

Kevin Connors is an accomplished entrepreneur and venture investor. He has co-founded seven healthcare technology companies and has had interim CEO roles in nine. He is on the Board of Directors of the New England Venture Capital Association and MassMEDIC, the Massachusetts Medical Device Industry Council, Intrinsic Orthopedics, Facets Solutions, Leptos Biomedical, Solace Therapeutics, and Highgate Orthopedics. Kevin received a B.S. in Electrical Engineering from the University of Notre Dame, an M.S. in Electrical Engineering from the University of Dayton, and an M.B.A. from the Harvard Business School.

Wade Fallin, MedicineLodge, Inc.

Mr. Fallin is the President and CEO of MedicineLodge, Inc. He has considerable experience in executive management, operations and product development. His past positions include Vice President and General Manager of Innovasive Devices, Inc.; Executive Vice President of MedicineLodge, Inc.; Vice President of Hayes Medical; and Director of Hip Product Development of Smith and Nephew. He holds 59 U.S. patents with more pending.

Joseph Mandato, De Novo Ventures

Joseph M. Mandato has served as one of our Directors since 2005. Mr. Mandato is a Managing Director of DeNovo Ventures, a venture capital firm, located in Menlo Park, CA. Earlier in his career, Mr. Mandato served as Chairman of Confer Software Inc., a developer of enterprise software used to automate healthcare business processes. Mr. Mandato also served as a vice president, member of the founding management committee and Chief Executive Officer of two of Guidant Corporation's five operating units, Origin Medsystems and Heart Rhythm Technology, also serving as President and Chief Executive Officer of Origin Medsystems. Mr. Mandato also co-founded Gynecare, a developer of devices used in gynecology spun-out of Guidant Corporation and served as its Chief Executive Officer until April, 1995. From July, 1986 to November, 1990, Mr. Mandato was Chief Executive Officer of Ioptex Research, an ophthalmic device company. Mr. Mandato holds a B.S. from Nasson College, an M.A. from Long Island University, and a Doctor of Management degree from Case Western Reserve University.

Michael P. McCarthy

Michael McCarthy is currently Managing Partner at Pipeline Biomedical Holdings, a firm focused on funding and developing medical technologies. Prior to Pipeline, he was President and Chief Executive Officer of Endius, Inc., a leader in minimally invasive surgery for the spine which Zimmer acquired in 2007. McCarthy has more than 28 years of experience in the orthopedics device industry. Prior to joining Endius Inc. he served as Vice President of Sales and Marketing for the Implex Corporation, a privately held orthopedic product innovator that was acquired by Zimmer Holdings, Inc. At Implex, McCarthy had global responsibility for product positioning, distribution and marketing for all of its spinal fusion products. Earlier, McCarthy co-founded Oxford Medical, Inc., an independent sales distribution organization which became a leading marketer of the Johnson & Johnson Orthopedic product portfolio. McCarthy is also a 20-year veteran of Johnson & Johnson Orthopedics (including 8 years at Oxford), where he quickly rose through the ranks and served as Director of Sales at the time of his departure in January 1991. McCarthy holds a B.S. in business administration from Villanova University, and has completed executive courses in Finance and Marketing from the University of Michigan, Rutgers University and the Wharton School of Business.