Conventus Orthopaedics said it raised $21 million out of a hoped-for $23.1 million for its shoulder and wrist fracture repair technology.
Minneapolis-based Conventus is developing a nitinol device that’s designed to expand inside the bone as an internal scaffold to prevent collapse of a shoulder fracture. Another Conventus device also uses nitinol to treat distal fractures of the radius.
Conventus raised a $24 million Series AA round in December 2014 earmarked, in part, for commercializing the FDA-cleared Conventus DRS wrist fracture device and to propel R&D for the PH shoulder repair device, which later won 510(k) clearance from the FDA.
“For years, shoulder surgeons have expressed the need for more versatile surgical options to repair simple to complex proximal humeral fractures,” CEO Paul Buckman said at the time. “The Conventus PH cage will expand what is possible in patient care by enabling surgeons to repair a wider variety of proximal humeral fractures through less invasive means. We believe this is another important building block in our technology platform and has the potential to transform the repair of shoulder fractures.”
Seven unnamed investors participated in the most recent equity funding, according to an SEC filing. Conventus stands to clear about $17.5 million after deducting $3.5 million for payments to executive officers and directors, according to the filing.