Conventus Orthopaedics said today it completed a $23.5 million round of equity financing to support its Conventus Cage device designed for 3D fixation and fracture repair.
The round was supported entirely by existing investors, Minneapolis, Minn.-based Conventus said. Funds from the round will be used to support the commercial launch of the Conventus Cage.
Funding will also go to support new research & development for new indications for the device, such as conditions in lower extremities.
“The fact that 100% of this equity funding came from current Conventus investors serves as validation that the Conventus Cage technology has the potential to alter fracture treatment worldwide. I greatly appreciate the continued support of our strong investor syndicate,” CEO Paul Buckman said in a press release.
The Conventus Cage is designed to allow for a “less invasive” reliable 3D fixation for treating proximal humerus, distal radius and proximal radius fractures, the company said.
“The clinical experience with the Conventus Cage PH and the Conventus Cage DR is demonstrating significant benefits to the patient, as well as generating a lot of excitement amongst surgeons. The company is making rapid progress and we are excited to support the company in the commercialization of the PH and DR systems, as well as in the extension of this platform to other indications,” Deerfield Management partner Dr. Avi Kometz said in prepared remarks.
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