ArthroMeda hauled in $1.6 million in an equity offering it hoped would raise $2 million, according to a regulatory filing.
Ayer, Mass.-based ArthroMeda develops devices used in total hip arthroplasties that are designed to help physicians properly orient hip implants. The company was hoping to bring in $2 million through the equity sale. ArthroMeda brought in 12 backers, according to a regulatory filing.
Founded in 2011 as ArthroCAD, ArthroMeda pulled in a Series A round worth $695,000 last year, according to a separate filing.
Although ArthroMeda does not have a website, a press release announcing the Series A round in January 2013 listed Edgar Jannotta Jr., an ex-managing principal of Chicago-based private equity firm GTCR, a . Mr. Jannotta joins the board of ArthroCAD as part of the financing.
"THA was performed in 1960 for the first time. Although there have been numerous improvements in different aspects of this operation, from exposure and techniques to design and technology, most recent studies have shown that even highly experienced physicians still have difficulty positioning implants in proper angles. Using anatomical landmarks for this purpose is not sufficient, as they vary from patient to patient. There is a real need for a cost effective product and method for more accurate positioning of the implants in THA. We want to help surgeons be absolutely confident that they got the implant positioning right real-time," co-founder Mehran Aghazadeh said at the time.