FRANKLIN, MA – (PR Newswire) – August 14, 2006 – Arthrosurface, Inc. (arthro3b.wpengine.com), the developer of less-invasive joint resurfacing systems, recently received FDA clearance to launch its cartilage surface implant system for the treatment of patello-femoral disease. Steve Ek, COO, offered, “This is another large market in orthopaedics that, up until now, has been ill-addressed by the existing medical device industry.” The patello-femoral joint is the area under and including the kneecap that frequently has painful defects due to trauma or arthritic damage. These defects may lead patients to limit their activity levels. The Arthrosurface system allows surgeons to three-dimensionally map the patients’ unique anatomy and then use an off-the-shelf implant without the need for additional X-rays or a second surgery. “We are excited that our technology platform continues to expand into different orthopaedic joint indications as we provide new treatment options for patients with early joint disease,” adds Ek.
Dr. Anthony Schepsis of the Boston University Medical Center said, “The principal advantage of the Arthrosurface system is that it is an intuitive technology that allows for very accurate matching of the implants to the affected cartilage surface, without altering the biomechanics of the joint.”
A recent patient commented about his experience: “This is the first time in four years that I have virtually no more pain in my knee. With two previously failed surgeries, I had learned not to get my hopes up. After the Arthrosurface procedure, I can go up and down the stairs, cycle and work without pain. I couldn’t be happier.”
Arthrosurface’s HemiCAP® system is available in the U.S., Europe, Australasia, Latin America and South Africa for various knee, shoulder, hip and great toe applications. The HemiCAP® device replaces damaged cartilage surfaces with contoured implants that are matched to the patients’ anatomy using a patented, intra-operative, three dimensional mapping technology.
Now in its third year of commercialization, the company has experienced strong surgeon adoption and significant annual revenue growth. Arthrosurface recently concluded its Series E financing of $5 million to provide additional working capital and further fund its new product launches and marketing initiatives. Once again, Boston Millennia Partners participated in the offering by investing in one half of the round. With this offering, to date, Arthrosurface has closed on an aggregate of over $27 million of equity financing.
“We believe this last round of financing will fuel the extension of the Arthrosurface platform from its first generation of partial surface hemi-replacements into its next generation of ‘partial total joints,'” said Arthrosurface President Steve Tallarida. “This will continue to differentiate Arthrosurface’s unique platform as we move to address a full range of joint pathologies at the time of surgery.”
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