AUSTIN, Texas, Jan. 21 /PRNewswire/ -- Ascension Orthopedics, Inc., an
emerging medical device company that develops, manufactures and markets
joint replacement, trauma and tissue regeneration surgical implants for use
in upper and lower extremities, announced today that it has secured $21
million in a Series D financing. This new round of funding will be used
primarily to expand the current product line and enhance the Company's
product marketing and distribution network.
Leading this Series D financing as the majority investor is Frazier
Healthcare Ventures, one of the nation's leading providers of venture and
growth equity capital to emerging healthcare companies. Alan Frazier,
General Partner and Founder of Frazier Healthcare Ventures will join Trevor
Moody, General Partner of Frazier Healthcare, and Steven Tallman, Venture
Partner of Frazier Healthcare on Ascension's Board of Directors.
"We feel that Ascension is uniquely positioned to experience
substantial revenue growth with the expansion of its distribution network
and product line and are pleased to have the opportunity to be a part of
this growth development," comments Trevor Moody, General Partner of Frazier
In addition to this financing, Ascension Orthopedics is pleased to
announce that Mr. Andrew J. Miclot will join the company as CEO. Mr. Miclot
brings more than 25 years of experience in executive management and
marketing within the orthopedic industry. He was most recently Global
Senior Vice President of Marketing Orthopedics at Orthofix. Prior to this,
he held senior positions at leading medical device companies including
Symmetry Medical, DePuy and Zimmer. During his 13 years at Symmetry
Medical, where he held a variety of senior positions including Senior Vice
President and Investor Relations Officer, Andy played a meaningful role in
growing Symmetry's annual revenues from approximately $10MM to over $260MM.
"I am very excited to have joined Ascension Orthopedics and to have the
opportunity to work with the existing management team and board of
directors. Ascension is uniquely positioned for significant growth in the
orthopedics extremities marketplace," said Mr. Miclot.
"I am extremely pleased Frazier Healthcare Ventures has the confidence
in Ascension to provide this important round of equity financing that will
enable us to expand further on the key cornerstones of our business --
product innovation and marketing," said Jerome Klawitter, PhD. Founder,
Chief Scientific Officer and former CEO. "I look forward to turning over my
CEO duties to Mr. Miclot and working with him to leverage our respective
backgrounds in product innovation and product marketing."
About Ascension Orthopedics, Inc.
Ascension Orthopedics began product development in Austin, Texas in
1996 and in 2001 received FDA PMA approval for its first product, an
innovative pyrolytic carbon total joint replacement for the MCP (Knuckle)
joint of the hand. The company has since increased its joint replacement
product line to include implants for the shoulder, elbow, wrist, fingers
and toes. In addition to joint replacements, Ascension Orthopedics offers
trauma products to treat bone fractures occurring in the hand and arm as
well as the foot and ankle. Ascension also markets tissue regeneration
products for the upper and lower extremities, including implants that help
reconnect severed nerves and implants intended to reduce adverse tissue
adhesions that often occur following surgical procedures. Ascension
Orthopedics sells product in the United States and in more than 20 foreign
About Frazier Healthcare
Founded in 1991 and with more than $1.8 billion of capital under
management, Frazier Healthcare is one of the nation's leading providers of
venture and growth equity capital to emerging healthcare companies. Having
invested in more than 100 emerging healthcare companies, Frazier Healthcare
is well known for its depth of experience and the technical expertise of
its investment team. This experience encompasses product development and
launch, clinical trial implementation and design, industry operating
experience, academic research and clinical practice. For further
information, please visit http://www.ascensionortho.com/.
FOR FURTHER INFORMATION CONTACT:
Andrew J. Miclot
President / CEO
Ascension Orthopedics, Inc.
SOURCE Ascension Orthopedics, Inc.