32 Orthopedic Startups were funded 10 years ago. Where are they now?

from the OrthoStreams archives

[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.0.47″][et_pb_row admin_label=”row” _builder_version=”3.0.48″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ parallax=”off” parallax_method=”on”][et_pb_text admin_label=”Text” _builder_version=”3.0.74″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” inline_fonts=”Arial”]

Take a stroll down the 2009 startup fundings.

Can you spot the winners and those that struggled?

AxioMed Spine Corp (Garfield Heights, OH) completed the first part of its third financing round, raising $6.4M from ”leading venture capital firms,” which were not named. The company that is developing next-generation spinal disc replacements is working toward a Series C round of $18.5M

Cardo Medical, Inc. (Beverly Hills, CA) OTC Bulletin Board: CDOM, raised $6.2M in a private placement transaction through the sale of common stock.  Cardo Medical intends to use the proceeds for working capital, general corporate purposes and research and development, including the integration of its recent acquisitions and the release of its total knee system.

SpinalMotion (Mountain View, CA) secured $27.4 million in Series D funding and reached 20% enrollment for a laterally placed lumbar artificial disc clinical study.  Also submitted the Pre-Market Approval (PMA) to FDA for the Kineflex lumbar artificial disc.

Ortho Kinematics (Austin TX) raises $3.5M and relocates to Austin.  Ortho Kinematics is commercializing the KineGraph VMA (Vertebral Motion Analyzer) to measure quantity and quality of inter-vertebral motion.   Investors include PTV Sciences, the State of Texas Emerging Technology Fund, and Gatebridge Investments.

Spinal Modulation (Menlo Park, CA) $27.4 million Series C financing. Johnson & Johnson Development Corporation (JJDC) joined existing major investors including DeNovo Ventures, ePlanet/DFJ, Kleiner Perkins Caufield & Byers, and MedVenture Associates in this financing. DFJ/InCube Ventures and Raffles Venture Partners are additional new investors. Proceeds from the financing will be used to support further development of the company’s next generation spinal cord stimulator system to treat patients suffering from chronic intractable pain.

Vertos Medical (Sunnyvale, CA) secures $15.5M in Series D Vertos, New investor, ONSET Ventures, led the round with additional participation from existing Vertos investors CHL Medical Partners, Foundation Medical Partners, Aweida Venture Partners and DFJ Mercury. The funding will be used to continue U.S. commercialization for treating LSS, with no implants left behind.

Spinal Kinetics (Sunnyvale, CA) secures $5.3M in financing of its targeted $9.5M from unnamed sources for further development of its M6 cervical disc replacement  http://ow.ly/qAUu

Biomatlante SA (Bretagne, France)  14-year-old French synthetic bone company, has raised EUR3.5 million ($5.1 million) in its first venture round

Graftys (France) secures $5M in financing to develop resorbable biologic materials for orthopedic applications

Del Palma Orthopedic (Columbia City, IN)  $1.5M in Series A funding from Knowledge Ventures, Percutaneous Monorail Technology for hand, wrist and elbow procedures
Funding Press Release http://ow.ly/l9gZ

MAKO Surgical (Fort Lauderdale, FL) nets $54M after selling 8 million shares of common stock on the public market, (Nasdaq:MAKO), a medical device company that markets both its RIO Robotic Arm Interactive Orthopedic surgical platform and proprietary RESTORIS implants for minimally invasive orthopedic knee procedures known as MAKOplasty

Flex Biomedical (Madison, WI) Angel funding – raised $150K from Wisconsin’s  Technology Venture Fund and $835K from Wisconsin Investment Partners, the NEW Capital Fund adn Marquette Golden Angels. Flex is developing a polymer-based joint lubricant, called Flex Polymer, to reduce pain and increase mobility in osteoarthritis patients. It’s meant to replace hyaluronic acid injection treatments that in many cases keep pain away for six months to a year, but in some cases don’t work at all. Flex Polymer is based on intellectual property licensed from Boston University. Plans to start clinicals in 2011.
Funding Press Release http://ow.ly/jUUy

The Acrobot Company Ltd (UK) a robotic orthopedic surgery company secured additional funding from three of its existing investors, the London Technology Fund, Imperial Innovations Group plc and PUK Ventures. This increases the total amount invested by this syndicate of investors to over £3 million.
Funding Press Release http://ow.ly/iPvy

Paradigm Spine (NY) completed a $21.5 million financing, consisting of a $15mm debt facility and $6.5mm equity, Fifth Third Bank was the sole lender in the $15mm venture debt funding, the $6.5 mm of equity was led by Praefinium Group

ConforMIS (Burlington, MA) raised $50M in a Series D funding from a consortium of private equity firms and sovereign wealth funds. ConforMIS makes custom knee replacements that only resurface the damaged cartilage area.

Relievant Medsystems (Redwood City, CA) Announces Completion of $20 Million Financing to develop Intracept System to treat low back pain

SpineGuard (France/San Francisco)  raises another quick $4M in Series B from Delta Partners to further market PediGuard, adds Maurice Bourlion PhD and Joe Mason MD to Board

Small Bone Innovations (New York, NY) Raises Series D round of $108mm – one of the largest private equity capital financings for an orthopedic company raises a Series D round of $108mm from Goldman, Sachs & Co., Khazanah Nasional Berhad, the investment firm of the Government of Malaysia, Malaysian Technology Development Corporation (MTDC), an integrated Malaysian-based venture capital company, The Family Office of Bahrain

BioPoly (Fort Wayne, IN) a subsidiary of Schwartz Biomedical, has raised $2.3M to develop a knee resurfacing implant made from made from a water-soluble polymer that mimics cartilage and egrates well with cartilage and joint tissue

BioMimetic Therapeutics, Inc. (Franklin, TN) Announces proceeds of approximately $17M from private placement and stock sales at $8.50 per share. BioMimetic is commercializing regenerative protein-device combination products for the healing of musculoskeletal injuries.

Anulex Technologies, Inc. (Minneapolis) raised $10.2M in Series D funding from Affinity Capital, Delphi Ventures, MB Venture Partners, New Enterprise Associates, SightLine Partners and Split Rock Partners. Anulex is focusing on spinal disc preservation & Anular Repair products.

Active Implants (Memphis) raised $10M in funding. Active Implants is a early intervention joint replacement company.  Its TriboFit Hip System is on the European market and its NUsurface Implant knee is in early studies in Europe. Active Implants was founded in 2004.

Soteira Inc. (Natick, MA) has raised $6.6 million in Series C funding. They are looking for another $5.4M. Soteira is developing a system for treatment of vertebral compression fractures in patients with osteoporosis, cancer or traumatic injuries. Soteira’s design provides a superior biomechanical structure and better control of cement flow than other solutions. Soteira was co-founded in 2004 by Trinity Partners LLC managing partner John Corcoran. In 2005, Competitive Technologies granted Soteira exclusive license to their nanotechnology-based bone biomaterial for applications related to the spine.

Sonoma Orthopaedics, Inc. (Santa Rosa, CA) raised $12M in Series C from Split Rock Partners, Asset Management,EDF Ventures and MedVenture Associates. Sonoma manufactures devices used to mend wrist and clavicle fractures. They plan to commercialize its first two products based on WaviBody technology – a flexible device inserted directly into a fractured bone that then becomes rigid, setting the break in an anatomically accurate way.

Cerapedics, Inc. (Denver) raised $15M in Series B from NGN Capital and OrbiMed Advisors.
Cerapedics is a bone-focused biologics company that is developing small peptide attachment factor technology platform, P-15. Cerapedics is a 10 year old startup that originally launched P-15 into the dental market with Dentsply distributing its product. Cerapedics is now is focused on entering orthopedic markets in spine, trauma, and orthopedic reconstruction.

MedShape Solutions, Inc. (Atlanta) raised $8M in Angel funding and are looking for another $2M soon. MedShape is developing a shape-changing polymer material that helps fuse bone to bone and soft tissue to bone. Surgeons can drill a hole into the bone and insert the polymer to anchor soft tissue like tendons.

DGIMed Ortho, Inc. (Minnetonka, MN) raised $3.4 million in Series A funding. DGIMed was founded by by Dan W. Gladney that is specializing in a new, proprietary system to assist orthopedic surgeons in the delivery and distal locking of long bone intramedullary nail implants.

SpineForm LLC (Cincinnati, OH) raised $1.25M in Angel funding from non-profit CincyTech, Queen City Angels, and others. SpineForm is working to advance commercialize less-invasive spinal deformity surgical treatment without fusion. SpineForm was founded in 2006 with $600K. The company is focused on entering clinical trials.

NuOrtho Surgical (Fall River, MA) raised $1M. Founders include an orthopedic surgeon in New Mexico and an R&D expert in California. NuOrtho plans to sell cartilage probes that are about 1-foot-long and are powered by an outlet. The cold plasma instrument will be used for surgery for injuries or lesions on knees and shoulders and is designed to leave less damage on cartilage than the probes used now. FDA clearance is expected in late 2009 or early 2010.

SpineGuard (France) raised $11M in Series A from Crédit Agricole Private Equity and Innoven Partenaires. Proceeds were used to acquire the PediGuard Business Unit from SpineVision. SpineGuard’s focus is safer pedicle screw placement in spine surgery.

OrthoAlign (Irving, CA) raised, $7.2M in Series A from Research Corporation Technologies and Okapi Venture Capital, LLC. OrthoAlign is developing a smaller and portable navigation system for Total Knee Arthroplasty (TKA) where spatial guidance can be attached to existing instrumentation.

Orthopaedic Synergy Inc. – OSI (Raynham, MA) raised $4.8M in Series A, a reorganized holding company comprised of Omni Life Science and Enztec focused on developing devices for the orthopaedic market, funded by Pioneer Capital Parnters and Birnie Capital Parnters


One thought on “32 Orthopedic Startups were funded 10 years ago. Where are they now?

  1. Have you ever thought about adding a little bit more than just your articles?
    I mean, what you say is important and all. However think about if you added
    some great pictures or video clips to give your posts more, “pop”!
    Your content is excellent but with pics and video clips,
    this site could certainly be one of the very
    best in its field. Amazing blog!

Comments are closed.