Executive Summary

Small Bone Innovations raises $108 million to launch STAR ankle: Orthopedic firm raises $108 million in a "Series D" private placement of preferred stock to help support the ongoing U.S. launch of its STAR total ankle replacement system. STAR became the first motion-preserving, mobile-bearing ankle replacement device available in the United States following PMA approval May 27 (1"The Gray Sheet" June 1, 2009). Announced June 30, the "Series D" financing closed in April; it follows a $36 million "Series C" funding round in 2008. Aside from supporting the STAR launch, proceeds from the offerings helped to complete the 2008 acquisition of the STAR technology from German firm Waldemar Link, as well as to retire a $20 million credit facility, according to the company