Healthcare Industry News: joint replacement
News Release - January 21, 2008
Ascension Orthopedics Closes $21 Million Financing and Recruits an Orthopedics Industry Veteran as CEOProceeds to assist with expansion of Ascension's product line and distribution network
AUSTIN, Texas, Jan. 21 (HSMN NewsFeed) -- Ascension Orthopedics, Inc., an emerging medical device company that develops, manufactures and markets joint replacement, trauma and tissue regeneration surgical implants for use in upper and lower extremities, announced today that it has secured $21 million in a Series D financing. This new round of funding will be used primarily to expand the current product line and enhance the Company's product marketing and distribution network.
Leading this Series D financing as the majority investor is Frazier Healthcare Ventures, one of the nation's leading providers of venture and growth equity capital to emerging healthcare companies. Alan Frazier, General Partner and Founder of Frazier Healthcare Ventures will join Trevor Moody, General Partner of Frazier Healthcare, and Steven Tallman, Venture Partner of Frazier Healthcare on Ascension's Board of Directors.
"We feel that Ascension is uniquely positioned to experience substantial revenue growth with the expansion of its distribution network and product line and are pleased to have the opportunity to be a part of this growth development," comments Trevor Moody, General Partner of Frazier Healthcare.
In addition to this financing, Ascension Orthopedics is pleased to announce that Mr. Andrew J. Miclot will join the company as CEO. Mr. Miclot brings more than 25 years of experience in executive management and marketing within the orthopedic industry. He was most recently Global Senior Vice President of Marketing Orthopedics at Orthofix. Prior to this, he held senior positions at leading medical device companies including Symmetry Medical, DePuy and Zimmer. During his 13 years at Symmetry Medical, where he held a variety of senior positions including Senior Vice President and Investor Relations Officer, Andy played a meaningful role in growing Symmetry's annual revenues from approximately $10MM to over $260MM. "I am very excited to have joined Ascension Orthopedics and to have the opportunity to work with the existing management team and board of directors. Ascension is uniquely positioned for significant growth in the orthopedics extremities marketplace," said Mr. Miclot.
"I am extremely pleased Frazier Healthcare Ventures has the confidence in Ascension to provide this important round of equity financing that will enable us to expand further on the key cornerstones of our business -- product innovation and marketing," said Jerome Klawitter, PhD. Founder, Chief Scientific Officer and former CEO. "I look forward to turning over my CEO duties to Mr. Miclot and working with him to leverage our respective backgrounds in product innovation and product marketing."
About Ascension Orthopedics, Inc.
Ascension Orthopedics began product development in Austin, Texas in 1996 and in 2001 received FDA PMA approval for its first product, an innovative pyrolytic carbon total joint replacement for the MCP (Knuckle) joint of the hand. The company has since increased its joint replacement product line to include implants for the shoulder, elbow, wrist, fingers and toes. In addition to joint replacements, Ascension Orthopedics offers trauma products to treat bone fractures occurring in the hand and arm as well as the foot and ankle. Ascension also markets tissue regeneration products for the upper and lower extremities, including implants that help reconnect severed nerves and implants intended to reduce adverse tissue adhesions that often occur following surgical procedures. Ascension Orthopedics sells product in the United States and in more than 20 foreign countries worldwide.
About Frazier Healthcare
Founded in 1991 and with more than $1.8 billion of capital under management, Frazier Healthcare is one of the nation's leading providers of venture and growth equity capital to emerging healthcare companies. Having invested in more than 100 emerging healthcare companies, Frazier Healthcare is well known for its depth of experience and the technical expertise of its investment team. This experience encompasses product development and launch, clinical trial implementation and design, industry operating experience, academic research and clinical practice. For further information, please visit http://www.ascensionortho.com/.
Source: Ascension Orthopedics
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