OrthoSensor gains $15M to fuel knee implant commercialization
|OrthoSensor knee balancer--courtesy of OrthoSensor|
OrthoSensor plans to boost sales efforts for the company's knee balancer implant with $15 million in Series B preferred stock financing announced May 4.
The Fort Lauderdale, FL-based company said it will also use the money to fuel a broader launch of its other intelligent orthopedic devices.
The OrthoSensor knee balancer is a knee replacement embedded with sensors that help surgeons better fit the implant by transmitting information wirelessly during the procedure. The goal: precise, accurate placement of the implant and proper balance on soft tissues. The hope is that the implant will last longer, lessening the need for corrective or follow-up surgeries. The money will propel an expanded commercial launch, which will also benefit from positive data the product has generated since its limited release, CEO Jay Pierce said in a statement.
"Since the start of our limited release in September, the OrthoSensor Knee Balancer has been adopted in some of the most prestigious orthopedic facilities in the United States and is providing a wealth of data associated with soft tissue engineering and knee kinematics," Pierce said.
The company's new funding is actually the second part of a Series B round. OrthoSensor raised $21 million for the first half of its Series B in January 2011, in a round led by Ziegler Meditech Equity Partners. A $6 million Series A round came through in 2008.
- here's the release
OrthoSensor raises $21M in Series B