Alpharetta, Ga.-based Cartiva won pre-market approval from the FDA for the SCI implant in July 2016 (the device won CE Mark approval in the European Union back in 2002 and is also on the market in Canada, Brazil, Chile and Australia). It’s made of an organic polymer designed to mimic the function of human cartilage.
Wright announced the deal in August, later floating nearly 18.3 million shares at $24.60 apiece, for expected net proceeds of $423 million, to fund the deal.
“We are delighted to welcome Cartiva as a member of the Wright family. With approximately 120,000 procedures for great toe arthritis performed each year in the U.S., we believe that this technology provides a proven alternative to fusion that reduces joint pain without sacrificing the foot’s natural movement and retains mobility and range of motion,” president & CEO Robert Palmisano said in prepared remarks.
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