NuOrtho Surgical Inc. drummed up another $1 million in financing, in a Series B round raised from private investors.
The Fall River, Mass.-based company, which is developing a probe that uses low-level radio frequencies to smooth and contour frayed or torn knee cartilage, raised $1 million in a March Series A round.
The new round will go toward applying for 510(k) clearance from the Food & Drug Administration and scaling up its manufacturing operations ahead of a planned 2010 launch.
NuOrtho has nine issued patents and several more pending. President and CEO Jeffrey Morrill is a former Johnson & Johnson marketing director whose last position was chief marketing officer for Vectrix, a Rhode Island electric motor scooter maker.
Chief development officer Roy Morgan is a former director of engineering at Nipro Medical Corp. and a former employee of Stryker Endoscopy.
Chief clinical officer Wayne Auge II is an orthopedic surgeon who specializes in athletic injuries.