Rotation Medical said today that it added $12 million to a Series B round that’s already brought in $27 million.
Plymouth, Minn.-based Rotation makes a regenerative treatment for repairing the shoulder’s rotator cuff – a group of muscles and tendons that attach the humerus to the scapula. The system won 510(k) clearance in March 2014.
The company said existing investors New Enterprise Assoc., Life Sciences Partners and Pappas Ventures all participated in the Series B extension. It consists of an $8 million round this year and another $4 million slated for next year, Rotation said.
Rotation’s treatment, a biologic implant derived from the achilles tendons of cows, is designed to spur new growth to thicken and strengthen damaged rotator cuff tendons. Last year, the company said it raised more than $27 million in the Series B, to support a commercial launch and post-market clinical studies.
“Since launching our Rotation Medical rotator cuff system in fall 2014, we’ve experienced rapid growth and very positive momentum,” president & CEO Martha Shadan said today in prepared remarks. “This additional investment in our company will allow us to expand our U.S. presence and continue to support the tremendous physician adoption we have experienced thus far. We are very encouraged by physician and patient response to our bio-inductive implant, which we believe serves an important role in helping people with rotator cuff disease heal and get back to an active lifestyle sooner.”
Shadan, named in 2013 to succeed founder Tom Westling (who stayed on as chairman & COO), is a veteran of the marketing and commercialization operations at Zimmer (NYSE:ZMH) and Covidien.
