Orthopedic technology company Small Bone Innovations Inc. landed a $43 million loan to further sales of its flagship ankle replacement device.
The New York-based company plans to use the credit facility as working capital to drive U.S. growth of its Star total ankle replacement, a non-cemented implant designed to replace arthritic ankle joints in patients with osteoarthritis, post-traumatic arthritis or rheumatoid arthritis.
The system is currently the only mobile-bearing total ankle replacement approved for the U.S. market.
"We believe that the Star ankle continues to be the number one total ankle replacement system in the world," Anthony Viscogliosis, SBi’s chairman & CEO said in prepared remarks. "This new credit facility represents both a vote of confidence in our business model and underlines the potential of the small bone and joint market as the fastest growing sector in the orthopedic devices market
The secured credit facility was provided by New Health Capital Partners LLC.
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