Si-Bone said yesterday that the medical device company raised a $21 million funding round and hired Laura Francis as its new CFO.
The round was led by new investor Redline Capital Management and included participation from all existing backers, Si-Bone said. The proceeds are slated to be used to fund U.S. and European expansion, as the company said it expects its market to grow 6-fold in the next 3 years.
Francis will take over the CFO position from Dan Murray, who was previously both COO and CFO of the company, San Jose, Calif.-based Si-Bone said.
“I could not be more excited to welcome Laura to the Si-Bone team. She has extensive corporate finance experience in both large and small, public and private, companies. This, coupled with her experience with acquisition transactions in global markets and managing a successful public offering, will help us achieve our growth goals in the coming years,” CEO Jeffrey Dunn said in a press release.
Francis was previously CFO at Auxogyn, vice president and CFO at Promega, and CFO of Bruker Biosciences.
“This is a unique opportunity for me to join an innovative company with a dynamic team that is focused on improving patients’ lives everyday, but more importantly has multiple areas of opportunity for significant growth and expansion. I am excited to work with Jeff and the team to continue to build the company’s business,” Francis said in prepared remarks.
Si-Bone’s iFuse bone fixation system received FDA 510(k) clearance in 2008, and CE Mark approval in the European Union in 2010. In 2014, a Medicare contractor reversed non-compensation for treatment with the system in select markets.