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NuVasive Invests in Synthetic Bone Maker

NuVasive, (NASDAQ: NUVA), the San Diego medical device company developing surgical treatments for the spine, says it’s acquiring a stake in Progentix Orthobiology BV, a Dutch company developing calcium phosphate putty for use as a synthetic bone substitute. NuVasive is making an initial equity investment of $10 million, and providing Progentix a $5 million loan, in a deal that could eventually total $80 million. NuVasive says Progentix is not expected to generate revenue in 2009, but sales of its initial product could build to $10 million next year and increase to $30 million over the next several years.