California-based Ceterix Orthopaedics plans to boost its marketing efforts with the help of $18 million in new financing.
The company hopes to widen the reach of its surgical tools, which help physicians place stitches in hard-to-reach places while protecting other tissue. Ceterix’s technology is currently in use by more than 100 physicians in the U.S., according to a company statement.
Ceterix raised the funds from existing investors Novo A/S, Versant Ventures and 5AM Ventures, as well as through debt financings, the company said.
The company also touted the issuance of a pair of patents pertaining to methods of meniscal and soft tissue repair.
"These company milestones will allow us to accelerate our efforts to meet the significant need for better surgical outcomes for millions of patients undergoing knee, hip and shoulder procedures each year," president & CEO John McCutcheon said in prepared remarks. "We have been extremely pleased with physician response to our technology, which has exceeded expectations on every front, and look forward to expanding our reach to additional U.S. physicians and patients in the coming months."