Healthcare Industry News: Ascension Orthopedics
News Release - November 8, 2011
Pivot Medical Raises $32 Million in Series C FinancingEmerging Leader in Hip Arthroscopy Rolls Out Innovative Solutions for Hip Preservation
SUNNYVALE, Calif.--(Healthcare Sales & Marketing Network)-- Pivot Medical, an emerging leader in minimally invasive hip restoration, has announced it has raised $32 million in Series C financing. Led by new investor Adams Street Partners, the funding round also included participation from new investor Delphi Ventures, founding investor Montreux Equity Partners, and existing investor Ivy Capital Partners. Pivot Medical will use the capital to support the commercial rollout of its Pivot Hip Arthroscopy System in the United States and Europe and to expand its clinical research programs. The system, which was developed from the ground up to address unique challenges in hip arthroscopy, is designed make the procedure safer, more efficient and easier for physicians to perform.
“Pivot Medical was founded to deliver new technologies that dramatically advance the field of minimally invasive hip restoration, and we are meeting this commitment with a comprehensive line of innovative, highly differentiated products that will enable physicians to successfully treat their hip pain patients while preserving the delicate and complex hip anatomy,” said Jack Giroux, president and chief executive officer of Pivot Medical. “We are gratified to have the confidence and support of two additional top-tier investors as we expand our reach in the United States and Europe.”
As part of the Series C, Dr. Michael Lynn of Adams Street Partners and John Maroney of Delphi Ventures will join Pivot Medical’s board of directors, which also includes Guy Mayer, chief executive officer of Ascension Orthopedics; Dr. John Savarese of Montreux Equity Partners; Julian Nikolchev, Pivot Medical co-founder; and Mr. Giroux.
“With its total dedication to hip preservation, Pivot Medical has developed a unique, high-value and comprehensive technology platform that we believe has the potential to make significant inroads into the fast-growing market for hip restoration procedures,” said Dr. Lynn. “We look forward to joining Pivot’s top-notch management team as it roles out this important technology to physicians and patients worldwide.”
About Pivot Medical
Pivot Medical is a privately held medical device company focused on developing and marketing technologies for the rapidly growing hip arthroscopy segment of the orthopedic marketplace. The company’s initial offering, the Pivot Hip Arthroscopy System, is designed to improve the safety, efficiency and ease of performing hip arthroscopy procedures. For more information, please visit www.pivotmedical.com.
Source: Pivot Medical
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