Fundings in Orthopedics (chronologically)
Medicrea secured $14.5 million in a private placement raised from international funds and investment companies. The new capital will be utilized to support the United States development of the company’s UNiD Addictive Spine Intelligence (ASI) platform, designed with analytical and biomechanical services to collect and analyze data for the formation of patient-special implants. The funding will also be used for the commercialization of a new range of 3D-printed titanium interbody cages in the U.S. and Europe.
ASC BioSciences secured $1.5 million in a staged funding agreement with Stem Cell Development Fund LLC. The new capital will be used to support ASC’s intellectual property development and marketing efforts for its adult stem cell platform capable of forming nearly every tissue in the body.
Trice Medical secured $19.5 million in a Series C financing led by Smith & Nephew and existing investors Safeguard Scientifics, HealthQuest Capital, and BioStar Ventures. The new capital will be utilized to support the U.S. marketing and regulatory approvals for the company’s mi-eye2 product, a disposable needle with a wide-angle camera lens. Trice has designed the mi-eye 2 as an alternative to an MRI for diagnosing joint injuries.
Arthromeda secured a Series D financing following a series of successful cadaver labs led by Daniel Ward, MD at Cincinnati Children’s Hospital and Medical Center. The new capital will be used to fund the company’s ArthoSight-PS Hip Alignment System through commercial regulatory approvals and clinical validation.
Hyalex Orthopedics secured $16 million in a Series A financing led by Canaan Partners, Osage University Partners and Johnson & Johnson Innovation. The new funding will be utilized to support the development of the company’s HYALEX synthetic polymer, which is designed to mimic hyaline cartilage for the treatment of osteoarthritis (OA).
Organogeneis secured $20 million in financing led by Eastward Capital Partners. The new capital will be used to enhance its orthopedics and spine wound care product and technology portfolio.
Amend Surgical entered into a funding agreement with The Florida Institute for the Commercialization of Public Research. The capital will be utilized to support company product development and expansion.
Orthonika Limited secured £0.7 million ($0.9 million) in financing led by a group of undisclosed investors. The new capital will be used to accelerate progress on the company’s biomechanical testing and conduct a pre-clinical pilot trial.
CartiHeal secured $18.3 million financing led by aMoon, Johnson& Johnson Innovation, Peregrine Ventures and Elron. The new capital will be used to support CartiHeal’s Agili-C implant, a single-step implantation procedure indicated for the regeneration of bone and cartilage due to degenerative and non-degenerative joint conditions.
Conventus Orthopaedics completed a $20 million equity financing led by Deerfield Management, and funded entirely by the existing ownership Group. The new capital will be used for the commercialization of the company’s proximal humerus fracture repair therapy and develop future Cage extremity fracture repair indications.
Intrinsic Therapeutics completed a $49 million round of financing co-led by New Enterprise Associates (NEA), Delos Capital, CG, Greenspring Associates, and Quadrille Capital. The new funding will be used to support the FDA approval process and the commercialization of the company’s Barricaid Anular Closure Device, which is designed to prevent repeat herniation in patients undergoing lumbar discectomy surgery to treat sciatic pain caused by a herniated disc.
Providence Medical Technology (PMT) secured a $10.5 million debt agreement with Bridge Bank. The new capital will support the commercialization and expand the distribution network of the company’s tissue-sparing cervical fusion portfolio.
BioDirection secured $2 million in an interim financing led by Provident Healthcare Capital, MedScience Ventures, and others in the medical technology investment sector. The new capital will be used to support BioDirection’s Tbit blood-based test system, indicated for use in the diagnosis of concussions and other traumatic brain injuries.
Cerapedics secured a $20 million senior term loan from Oxford Finance. The company intends the use the new capital for the ongoing commercialization of its i-FACTOR ‘s use in cervical spine procedures and to initiate an FDA trial on its application in Transforaminal Lumbar Interbody Fusion (TLIF).
Integra LifeSciences increased its outstanding credit facility from $1.5 billion to $2.2 billion. The facility consists of an expanded term loan of $1.2 billion with no charge to the existing revolving line of credit of $1.0 billion. Integra plans to use $700 million from its existing revolving facility to finance its acquisition of Codman Neurosurgery from Johnson & Johnson. The incremental loan will be made available upon the closing of the acquisition.
Organogenesis entered into a $25 million revolving credit line agreement with Silicon Valley Bank. Organogensis, a regenerative medicine firm, recently acquiredNuTech Medical and intends to develop a portfolio of wound care products and surgical biologics which compliments its PurAPly AM device for acute and chronic wound managements.
Ortho Kinematics secured $18.6 million in a Series D equity financing. The new capital will be used to expand the commercialization of the company’s Vertebral Motion Analysis (VMA) technology, designed for assessment of spinal instability and alignment.
Medeon Biodesign closed a Series A investment in Panther Orthopedics, a San Jose, CA based start-up that developed fixation solutions for orthopedic extremity applications. Medeon, headquarter in Taipei, is a medical device developer of minimally invasive procedures for the treatment of a range of diseases, including orthopedics.
Merit Medical Systems revised its public offering higher to $136.5 million from shares of common stock. Last week, the company commenced a public offering for the amount of $125.0 million. The company intends to use the offering’s net proceeds to repay a portion of its debt obligations under the company’s outstanding credit facilities.
Alphatec Holdings, the parent company of Alphatec Spine, Inc., a provider of spinal fusion technologies, announced that it has entered into a definitive securities purchase agreement to raise approximately $18.9 million in a private placement of common stock, Series A Convertible Preferred Stock and warrants exercisable for common stock. The private placement is being led by new healthcare dedicated institutional investors, with participation by directors and executive officers of Alphatec and other existing investors. The private placement is expected to close on or about March 28, 2017, subject to the satisfaction of customary closing conditions. Alphatec expects to use the net proceeds from the private placement for general corporate and working capital purposes.
Helius Medical Technologies closed a $10 million through a public offering of 6.6 million shares of common stock. The new capital will be used to complete a clinical trial for its PoNS therapy for the treatment of mild to moderate brain injury and to launch a new trial for multiple sclerosis indication.
Invuity signed a new debt agreement with MidCap Financial. Under the borrowing agreement, the new debt facility consists of a $30 million term loan divided into two tranches. The first tranche is comprised of $20 million and was funded on the close, and the second tranche of $10 million can be drawn down before 2018 year-end. Additionally, the agreement includes a $10 million revolving credit facility with an option to be increased to $20 million. These new debt facilities replace the existing $15 million term loan in place with HealthCare Royalty Partners, and a $7.5 million revolving credit facility with Silicon Valley Bank.
Merit Medical Systems commenced a public offering of shares of its common stock for $125.0 million. Under the terms of the offering, the company plans to grant the participating underwriters an over-allotment of an additional $18.8 million of shares of common stock. The company’s spine portfolio consists of the STAR Tumor Ablation System, which delivers pain relief and localized tumor destruction, and a full-suite of vertebral compression fracture (VCF) solutions that utilize ultra-high viscosity cement to treat pathological fractures and minimize extravasation. Merit intends to use the offering’s net proceeds to repay a portion of its debt obligations under the company’s outstanding credit facilities.
Micro C secured $0.7 million in a seed round funding. The new capital will be used to support milestones such as building a prototype, testing, FDA submission and launch activities for its portable extremity imaging system. The device is comprised of a compact digital x-ray and multi-modal camera that integrates real-time, HIPPA compliant data and image transmission for the treatment of extremity disorders.
RadiAction Medical secured $5.7 million in a strategic A round of financing led by HighGround Tairun Investment, a co-managed investment fund by Chinese HighGround Capital and Boya Capital. The new capital will be used to support its radiation shielding device for fluoroscopic proceduces.
Vertiflex raised $25.3 million in a round of financing led by 8 undisclosed investors. Approximately $10 million of the funds raised are new funds, while $15.3 million came from conversion of debt. The company has not yet said how it plans to spend the funds raised thus far. Earlier this month, the company secured a $40 million round of financing to support its Superion Indirect Decompression System, a minimally invasive spinal implant designed for the treatment of moderate lumbar spinal stenosis.
Active Implants secured its first $10 million tranche of a $40 million Class D Units financing led by LS Health Science Partners. The new capital will be used to support Active Implants to support clinical trials of the company’s NUsufrace Meniscus Implant, a polymer-based investigational treatment for persistent knee pain following medial meniscus surgery.
Moximed secured $50 million in a Series C round of financing led by newly joined, Advent Life Sciences and Funture fund, and existing investors NEA, Morgenthaler Ventures, Gilde Healthcare, GBS Venture Partners and Vertex Healthcare. The new capital will be used to fund the company through FDA approval and early US commercialization of its products.
Vertiflex secured $40 million in a round of financing led by Endeavour Vision and H.I.G BioHealth Patners, with participation from existing investors, New Enterprise Associates, Thomas, McNerney & Partners and Alta Partners. The new capital will be used to support Vertiflex’s Superion Indirect Decompression System, a minimally invasive spinal implant designed for the treatment of moderate lumbar spinal stenosis.
In November, Myomo, which sells the only commercially available medical device for upper limb paralysis, filed its Form 1-A with the SEC and qualified the offering this month, indicating its intent to use Reg A+ to raise $15 million in growth capital. See their full company presentation and SEC forms at http://medgroup.biz/myomo