After a 7-year run Fall River, Mass.-based NuOrtho Surgical filed for Chapter 7 bankruptcy, listing liabilities of $4.74 million and assets of $287,117. Nearly 40 patents were also cited in the filing, some of which had been used as collateral.
Three of NuOrtho’s top officers were listed as creditors for deferred salary and/or unreimbursed expenses, including president & CEO Jeffrey Morrill ($351,242); chief clinical officer Wayne Auge ($849,226); and chief development officer Roy Morgan ($595,359).
Founded in 2008, NuOrtho was headquartered at the Advanced Technology and Manufacturing Center in Fall River, a business incubator operated by UMass-Dartmouth. While the company reportedly moved operations to California in 2013, it listed Fall River as its formal headquarters in the bankruptcy filing.
ATMC facilities manager Keith Mackenzie told the Boston Business Journal that NuOrtho had “graduated” from the incubator.
“Sometimes it’s us telling them there’s nothing [more] we can do for them and we send them on their way. In their case, [NuOrtho] decided to move the company out to California,” Mackenzie said.
NuOrtho was focused on developing surgical instruments aimed at preserving as much healthy tissue as possible during orthopedic surgeries. The company’s lead product, a device for knee-cartilage surgery called Ceruleau, won FDA clearance in 2010.