Conventus Orthopaedics said it closed a Series AA round worth $24 million it plans to use to commercialize 1of its self-expanding extremities implants and advance R&D on another.
Minneapolis-based Conventus said the round’s participants included Deerfield Management, Ally Bridge Group, Sightline Partners, Spray Fund, Blue Stem Capital, BioStar Ventures and Blue Sky Fund. The AA round takes its total raise to $34 million, according to a press release, including a $10 million venture debt facility inked last April.
The company said its technology gives orthopedic surgeons self-expanding implants designed to stabilize fracture fragments from within the bone. The proceeds are slated to advance its FDA-cleared Conventus DRS device for distal fractures of the radius and to advance R&D on its Proximal Humerus PH device for shoulders. Conventus is also pursuing new indications in the lower extremities, according to the release.
"This infusion significantly strengthens our ability to commercialize our existing products and develop new technologies to advance the treatment of complex fractures. We are delighted to have this distinguished equity group team up with Conventus and participate in the significant milestones that lie ahead," CEO Paul Buckman said in prepared remarks.
Conventus won 510(k) clearance from the FDA in January 2013 for the DRS device.
“The Conventus internal fixation platform has the potential to bring significantly better outcomes to several types of fractures, thereby shortening patients’ post-operative recovery and improving their resultant functioning. We look forward to working with the Conventus team in making these products available to surgeons and patients," added Deerfield Management’s Steven Hochberg.
"Conventus is advancing a novel implant modality that can meaningfully transform the way fractures are managed. We plan to leverage our resources in both the U.S. and Asia to help accelerate the development and commercialization of this breakthrough technology," Ally Bridge Group partner & managing director Charles Chon said in a statement.