Healthcare Industry News: Novo Ventures
News Release - May 13, 2014
Ceterix Orthopaedics Completes $18 Million FinancingCompany Announces Issuance of Two New U.S. Patents
MENLO PARK, Calif.--(Healthcare Sales & Marketing Network)--Ceterix™ Orthopaedics, Inc., a developer of novel surgical tools for arthroscopic procedures, today announced that the company has closed $18 million in new financing. Previous investors Novo A/S, Versant Ventures and 5AM Ventures participated in the round, which also included debt financing from Silicon Valley Bank and Oxford Finance. Armentum Partners acted as financial advisor to Ceterix in the transaction.
Funds will be used to support commercial expansion of the company’s novel surgical tools for arthroscopic procedures, currently in use by more than 100 U.S. physicians. The technology enables surgeons to place stitches in very tight joint compartments, while protecting sensitive surrounding structures such as nerves, arteries and cartilage. This technology has applications in numerous procedures in knees, hips, and shoulders.
In addition, the company announced the issuance of two key U.S. patents. The patents relate to methods of meniscal and soft tissue repair with the company’s proprietary technology.
“These company milestones will allow us to accelerate our efforts to meet the significant need for better surgical outcomes for millions of patients undergoing knee, hip and shoulder procedures each year,” said John McCutcheon, Ceterix President and CEO. “We have been extremely pleased with physician response to our technology, which has exceeded expectations on every front, and look forward to expanding our reach to additional U.S. physicians and patients in the coming months.”
About Ceterix Orthopaedics
Ceterix™ Orthopaedics develops surgical tools that expand and improve what is possible for physicians who treat soft tissue injuries such as meniscus tears, hip and shoulder labrum tears, and rotator cuff tears. Founded in 2010 with the vision of improving outcomes of arthroscopic procedures, Ceterix’s novel suture passing device enables surgeons to place suture patterns that were previously only possible in open procedures, or not at all. The company is based in Menlo Park, Calif. and is backed by investors Novo Ventures, Versant Ventures and 5AM Ventures. For more information, please visit http://www.ceterix.com/.
1. US 8,663,253 B2, Methods of Meniscus Repair
2. US 8,500,809 B2, Implant and Method for Repair of the Anterior Cruciate Ligament
Source: Ceterix Orthopaedics
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