FRANKLIN, MA – (PR Newswire) – February 10, 2005 – Arthrosurface, Inc. (arthro3b.wpengine.com), the developer of a new less invasive joint resurfacing system, announced that it has raised $10.5 million in preferred equity financing from new and existing investors. As with the company’s two most recent rounds of financing, Boston Millennia Partners participated in the latest round by investing in half the round. With this latest offering, Arthrosurface has closed on an aggregate of $22 million of equity financing to date.
“This latest round of funding will allow us to complete development and achieve inventory positions on our second generation of products” said Steve Ek, COO. “We are most pleased with our patient outcomes as well as the surgeon adoption rate of our initial product releases. With our second generation of products, we will continue to expand the field of joint resurfacing, with a focus on unmet patient needs”
The company’s HemiCAP® system consists of a range of contoured articular prosthetics and instrumentation intended for the repair of significant lesions and cartilage damage in the major joints. Arthrosurface has United States FDA 510k approvals for commercial application in hips, shoulders and great toes. The company is currently conducting clinical trials for the knee and will seek FDA approval following completion of the clinical trial. It also has CE Mark approval for European commercialization for treatment of knees, hips and shoulders.
The HemiCAP® device has now been implanted in nearly 200 knees, hips, shoulders and great toes. Implantations have been performed in the US, Europe and Australia with several patients approaching the two-year mark.
“Arthrosurface has established its distributor network in the United States and throughout the major European markets and Australia. I believe that we will see strong penetration outside the United States for our HemiCAP® application for the knee. In just a short period of time, we have seen an impressive adoption rate in the European community given the strength of our top rate distributors”, said Arthrosurface’s President, Steve Tallarida.
Anthony C. Moretti, the company’s CFO remarked, “With this last round of financing, it is our intention to manage the business to cash flow breakeven. This is attainable by effectively managing our resources and achieving a formidable but, attainable global sales goal.”
Arthrosurface, headquartered in Franklin, MA, develops minimally invasive joint resurfacing systems. The company’s HemiCAP® system is a platform technology providing a surgical alternative to conventional treatment methods.
Anthony C. Moretti, CFO
28 Forge Parkway
Franklin, MA 02038