Nextremity Solutions Closes Funding of $6.6 Million and Announces Opening of First Preferred Round (press release)
OLTS NECK, NJ (MMD Newswire) August 28, 2012 -- Nextremity Solutions, Inc. announced that it closed a second round of funding, bringing total capital raised to $6.6 million. The Company also announced the engagement of Rockport Venture Partners to assist in its first institutional and preferred equity round of $10 million. The financing will support ongoing commercialization of its lead product, the Nextra Hammertoe Correction System and the Company's new product pipeline of foot and ankle implants.
The Nextra System is 510(k) cleared and CE Marked. Sales in the US and Europe reached 1,000 implants and over $1 million in sales in the first seven months of 2012. The new financing round is expected to fund the Company to breakeven in the coming year.
Severe hammertoes are debilitating, causing pain and loss of mobility, in addition to being unsightly. The U.S. forefoot surgery market, which includes hammertoe reconstruction and bunionectomies, already represents over 1.2 million procedures annually. Based on high procedure growth potential that will be driven by a next g...
