Sonoma Orthopedic Products added $12 million to its coffers, thanks to private equity shop First Analysis, saying it plans to use the proceeds to get its "flexible-to rigid" ankle implant on the U.S. market.
Sonoma, which develops implants to treat the extremities, said it plans to use the First Analysis infusion to win 510(k) clearance from the FDA for the ankle device, and then carry it though to launch and achieving commercial scale.
The Santa Rosa, Calif.- and Buffalo Grove, Ill.-based company said its implants, miniature intramedullary nails, are designed to repair the smaller bones of the wrist, shoulder and ankle. Sonoma touts its "flexible-to-rigid" rod designs, saying they allow the implant to be inserted without damaging joint surfaces and to conform to curved bones.
First Analysis managing director Tracy Marshbanks will join the Sonoma board of directors in connection with the financing, according to the release.
"First Analysis is known throughout the industry as an extraordinarily prudent investor. Their confidence in our business and team is a great compliment and we look forward to our collaboration. Our goal is to be a dominant surgical solution in the indications we have carefully chosen, and their extensive experience researching and investing in the health care sector will synergize well with our focused expertise," Sonoma president & CEO Rick Epstein said in prepared remarks.
"Every year, there are several hundred thousand surgical fracture repair procedures. A large portion of these could benefit from Sonoma implant advantages, including reduced invasiveness, improved outcomes, and more rapid return to normal activities and work. As a result, we expect better patient results at a lower total cost," added Marshbanks "We look forward to working with the Sonoma team and co-investors to make Sonoma implants the standard of care."