Healthcare Industry News: PEEK
News Release - March 6, 2008
Cayenne Closes $15 Million Series C FinancingFast-Growing Sports Medicine Company Completes Successful Round
SCOTTSDALE, Ariz.--(HSMN NewsFeed)--Cayenne Medical, Inc., a privately held sports medicine company based in Scottsdale, Arizona announced today that it has closed a $15 million Series C financing led by Investor Growth Capital (“IGC”). Other participating investors include SplitRock Partners, MB Venture Partners and a group of accredited private individuals. Stephen M. Campe, Managing Director of IGC, has joined Cayenne’s Board in connection with the financing. This financing round brings Cayenne’s total private equity investment to $32 million.
Cayenne’s lead product, the AperFix™ System for ACL reconstruction, enables surgeons to perform a revolutionary surgical procedure resulting in total repair of the ACL. The AperFix System, which is intuitive to use and easy to teach, addresses limitations of other existing ACL reconstruction products. This financing follows last week’s announcement that Cayenne has received market clearance from the U.S. Food and Drug Administration (FDA) for its iFix™ Interference Screw System for use in bone-tendon-bone ACL reconstruction procedures. The iFix Interference Screws are the first FDA-approved screws for the ACL repair market that are manufactured using polyetheretherketone (PEEK™), a highly biocompatible, biomechanically strong and radiolucent material.
“This successful round of financing will enable us to expand our sales and distribution footprint and further support the continued roll-out of our AperFix System,” said James W. Hart, President and CEO of Cayenne Medical. “In addition, we remain committed to serving our growing physician customer base by developing and commercializing a full line of sports medicine products.”
“The AperFix system is a novel device that affords physicians and patients a fast and elegant solution for soft tissue ACL fixation and may also be a facilitator of emerging surgical techniques,” said Steve Campe of Investor Growth Capital. “We believe Cayenne’s strong development capabilities and innovative product offerings will enable the Company to achieve a position as a leading sports medicine platform.”
“More than 400 surgeons have used the AperFix System and our strong reusage rates reflect physicians’ continued enthusiasm for our products,” added Hart.
About Cayenne Medical, Inc.:
Based in Scottsdale, Arizona, Cayenne Medical is a privately held medical device company defining new technology for the soft tissue reconstruction segment of the sports medicine market. The company was founded in 2005 and is focused on leading the transformation of traditional ACL repair procedures by applying advanced technology through minimally invasive techniques. For more information, go to www.cayennemedical.com
About Investor Growth Capital
Investor Growth Capital (IGC) is the wholly-owned venture capital arm of Investor AB, a publicly traded industrial holding company, listed on the Stockholm Exchange with a net asset value of approximately $25 billion. IGC was formed in the mid-1990s to invest in high quality, growth oriented companies, primarily in the healthcare and information technology sectors. Today its 30 investment professionals are developing a portfolio whose value exceeds $850 million from offices located in New York, Menlo Park, Stockholm, Hong Kong, Tokyo and Beijing. Investor AB is a leading shareholder in a number of European multinational corporations, including AstraZeneca, Ericsson, and Gambro. For almost a century Investor AB's business philosophy has been to build best-in-class companies in sectors where the group has strong knowledge and a networking advantage. IGC shares that approach and benefits from Investor AB's extensive global network of companies and senior managers. For more information, visit www.investorgrowthcapital.com.
Source: Cayenne Medical
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