Healthcare Industry News: HSMN NewsFeed
News Release - May 9, 2017
Conventus Orthopaedics Raises $20 Million to Fund Revolutionary Cage(TM) Extremity Fracture Repair TherapyFunding will be used to commercialize the proximal humerus fracture repair therapy and develop future Cage™ extremity fracture repair indications
MINNEAPOLIS, May 9, 2017 -- (Healthcare Sales & Marketing Network) -- Conventus Orthopaedics, Inc., a medical device company dedicated to revolutionizing extremity fracture treatment, today announced the completion of a $20 million equity financing. Deerfield Management led the financing which was funded entirely by the existing ownership syndicate.
The Conventus CageTM is an intramedullary implant for the repair of extremity fractures, currently FDA cleared for the treatment of shoulder, elbow and wrist fractures. Early clinical results have been promising as patients have experienced a stable fracture fixation with a quicker recovery period, less pain, improved range of motion, and fewer surgical complications when compared to historical literature for existing fracture repair methods.
Scott Flora, Conventus' Executive Chairman, said, "The CageTM is the future of fracture repair. We are pleased that our investor syndicate, led by Deerfield, share that vision and continue to provide financial support with a long-term view to realize the full potential of this technology."
"The CageTM is a truly innovative technology, poised to disrupt the orthopaedic trauma market." said Avi Kometz, MD, Partner at Deerfield Management. "The early clinical results have been outstanding, leading us to continue our long-term investment thesis in the company."
About Conventus Orthopaedics, Inc.
Conventus Orthopaedics, Inc. is an early-stage company focused on delivering a new standard of care for fracture treatment in the orthopaedic extremities market. Their proprietary Cage™ technology aims to improve patient outcomes, enhance the surgeon experience, and deliver economic value to stakeholders within this market segment.
Source: Conventus Orthopaedics
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