Ceterix Orthopaedics said last week that it took out a $35 million term loan with CRG it plans to use to advance its NovoStitch suture passing device for surgeries to repair torn menisces in the knee.
Menlo Park, Calif.-based Ceterix said the NovoStitch device is designed to help surgeons place sutures in patterns that used to require open procedures or weren’t possible at all.
"We are excited to have further support to continue our mission to save the meniscus and improve the lives of patients suffering from knee injuries," president & CEO John McCutcheon said in prepared remarks. "This flexible financing will allow us to continue expanding the possibilities of meniscus repair through additional investment in innovation and clinical research."
NovoStitch is built to allow the placement of a circumferential compression stitch in the meniscus, which is packing in among nerves, arteries and cartilage, Ceterix said. The technology can also be utilized in minimally invasive hip and shoulder procedures, according to the company.
CRG chairman Charles Tate said his firm is dedicated to backing commercial-stage healthcare companies.
"We are excited to partner with Ceterix as the company continues to advance its new technologies and improve patient outcomes in the meniscal surgery space," Tate said in a press release.
Ceterix is also backed by venture capital shops 5AM Ventures, Novo A/S and Versant Ventures, according to its website. The company raised an $18 million funding round almost exactly 1 year ago.
