Healthcare Industry News: proximal humerus
News Release - November 4, 2015
Conventus Orthopaedics Raises $23.5 Million to Fuel Conventus Cage Commercialization and Technology DevelopmentFunding to Propel Commercialization and Further Product Development of the Conventus Cage(TM) Technology Platform
MINNEAPOLIS, MN--(Healthcare Sales & Marketing Network) - Conventus Orthopaedics, Inc., a global medical device company dedicated to revolutionizing fracture treatment, today announced the completion of a $23.5 million equity round of funding. The company's existing investors were responsible for 100% of the new financing, which serves as a positive validation of both the substantial market opportunity for the company's Conventus Cage™ technology and the significant development, regulatory and commercial progress made by the company to date.
Conventus' innovative 3-dimensional fracture management platform technology allows surgeons to achieve reliable 3D fixation in a less invasive manner for a variety of periarticular fractures throughout the body. Conventus will use the funding to support the commercial launch of the Conventus Cage™, a FDA-cleared treatment for proximal humerus (PH), distal radius (DR), and proximal radius (PR) fracture repair. The Conventus Cage's less invasive surgical technique and versatility enable secure fixation and stable 3-dimensional fracture repair where existing techniques have been shown to have limitations. The funding will also support R&D for new indications such as conditions in the lower extremity.
Paul Buckman, Conventus' Chief Executive Officer, said, "The fact that 100% of this equity funding came from current Conventus investors serves as validation that the Conventus Cage™ technology has the potential to alter fracture treatment worldwide. I greatly appreciate the continued support of our strong investor syndicate."
"The clinical experience with the Conventus Cage™ PH and the Conventus Cage™ DR is demonstrating significant benefits to the patient, as well as generating a lot of excitement amongst surgeons," said Avi Kometz, MD, Partner at Deerfield Management. "The company is making rapid progress and we are excited to support the company in the commercialization of the PH and DR systems, as well as in the extension of this platform to other indications."
About Conventus Orthopaedics, Inc.
Conventus Orthopaedics, Inc. was founded by a team of medical device professionals and physicians with the sole purpose of improving patient care by creating a 3-dimensional platform technology with less invasive solutions to a broad range of challenging periarticular fractures. Taking its name from the Latin word for coming together or union, Conventus Orthopaedics is focused on creating less invasive solutions to fractures in and around the joints. The company is dedicated to working with surgeons to improve healing and enable their patients' return to normal activities.
Source: Conventus Orthopaedics
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