NORTH BILLERICA, Mass., Sept. 15 /PRNewswire/ -- HydroCision Inc. (www.hydrocision.com ), a privately held medical device company, announced today the purchase of the majority of the Company by new investors, led by venture capital firms Volcano Capital, Bioventures, and Omega Funds. HydroCision is the developer, manufacturer, and marketer of SpineJet®, whose innovative Fluidjet surgical technology allows discectomy and interbody fusion procedures to be performed faster, less invasively, and with a higher degree of precision than traditional surgical modalities.
The parties also announced the appointment of Howard Donnelly to the position of President and CEO of HydroCision. Donnelly has more than 20 years of executive-level experience in the medical device industry. In addition to serving on several medical device company boards, he was the past President of Level 1, a medical device subsidiary of Smiths Group.
HydroCision will focus on several core strategies designed to strengthen its worldwide position in the spine market. "The global market for minimally invasive spine procedures is growing rapidly," noted Donnelly. "This new investment and strategic direction will allow HydroCision to extend its technology leadership with a very strong product suite that will benefit both clinicians and patients."
HydroCision plans to invest in U.S.-based research projects to further validate the clinical and economic value of HydroCision products for the medical community and the insurance industry. "We believe a stronger medico-economic justification for the use of our products will afford us the platform we need to scale adoption in the U.S. and OUS markets," said Donnelly.
HydroCision's SpineJet system has been widely accepted by spine surgeons as breakthrough technology for decompression and fusion procedures. Until SpineJet, spine surgeons were primarily relying on manual instrumen