UPDATE: Updated to include information from an SEC filing.
Arthromeda said yesterday that it closed a Series D round for an unspecified amount that’s enough to get its ArthroSight-PS hip replacement navigation platform through clinical trials and hoped-for regulatory approvals.
The company has raised $1.5 million in a round of equity financing, with 10 anonymous investors taking part, according to an SEC filing posted this week. The 1st sale was noted on May 24, with no more funds expected in the round.
Founded in 2011 as ArthroCAD, the Lowell, Mass.-based company’s ArthroSight-PS is designed to help surgeons properly orient hip implants for total hip arthroplasties, customized to each patient’s anatomy.
Arthromed said the D round followed the successful conclusion of a cadaver study by Dr. Daniel Ward of Boston’s New England Baptist Hospital.
“Patient-specific solutions in surgery that are individualized to patients at an affordable cost are important. I am delighted to support Arthromeda in its game-changing mission to help patients undergoing hip arthroplasty experience superior outcomes,” lead investor and board member Edgar Jannotta Jr. said in prepared remarks.
“I am grateful to our founder and executive chairman, P.J. Anand, for his clear strategic vision and leadership. I also appreciate the technical insight of our co-founder and chief technical officer, Dr. Mehran Aghazadeh. We are excited to execute on the next phase of development of this elegant solution for real-time, accurate, acetabular cup positioning and leg length and femoral offset adjustments, without the expensive capital investments or increased procedure time associated with robotic and imaged-based systems,” added COO Elsa Chi Abruzzo.
