Catalyst OrthoScience said today that it raised nearly $13 million for the total shoulder replacement device it developed.
The $12.7 million oversubscribed Series C-1 round was led by River Cities Capital Funds, Naples, Fla.-based Catalyst said.
“This funding will be instrumental in fueling rapid growth for Catalyst through increased inventory, expanded distribution and new product development,” chairman & CEO Brian Hutchison said in prepared remarks. “The additional funding will allow us to enhance company infrastructure and hire additional talent to support our growth and to bring our novel approach to total shoulder arthroplasty to surgeons and their patients.”
“We are excited to partner with Catalyst to fuel the growth of the company and advance minimally invasive surgery in shoulder arthroplasty,” added River Cities managing partner Carter McNabb, who is slated to join Catalyst’s board as part of the round.
Catalyst won 510(k) clearance from the FDA in May 201 for the CSR total shoulder system, which is designed to minimize bone removal and preserve the strongest, densest bone for fixation.
England Securities advised Catalyst on the round, with Dentons as legal counsel.
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