OrthoSensor Closes $13 MM in Series B-2 Financing, Brings Total Series B Financing to $48 MM Lead Investors Include Ziegler Meditech Equity Partners and Dignity Health
DANIA BEACH, Fla., Oct. 15, 2013 /PRNewswire/ -- OrthoSensor, Inc., the leader in Intelligent Orthopaedics, announced today that it has closed its Series B-2 financing round, bringing the company's total Series B financing to more than $48 MM.
Series B Investors include Dignity Health, the fifth largest hospital provider in the United States, Ziegler Meditech Equity Partners, LP, and undisclosed strategic and angel investors.
"OrthoSensor has an aggressive growth agenda, maximizing the relationships we have with our current partner companies and adding new partners, product lines and international markets in the coming year," Jay Pierce, President and Chief Executive Officer of OrthoSensor, said. "This additional investment and continued confidence from our investors provides increased resources to maintain the rapid growth of our VERASENSE product line, as well as fund additional R&D, marketing and sales initiatives."
The VERASENSE Knee System is an intelligent single-use device used in total knee replacement procedures to provide surgeons with real-time, quantifiable data on implant placement, soft tissue balance and limb alignment. VERASENSE takes knee replacement surgery to a new level of precision by using embedded sensors and wireless communication technology to provide data that enables surgeons to make informed adjustments to optimize implant placement and soft tissue balance intraoperatively. Accurate implant placement and soft tissue balance have been shown to extend the life of implants, reduce the incidence of revision surgeries and improve patient function.
With baby boomers – and their joints – aging, researchers have estimated that the yearly demand for total knee replacements could be as high as 3.48 million procedures by 2030. The VERASENSE Knee System aims to help surgeons complete these surgeries in a more accurate and reproducible manner with the goal of increasing implant longevity and patient satisfaction while decreasing the need for revision knee surgeries.
"The OrthoSensor platform has remarkable potential to improve patient outcomes and help speed recovery for knee replacements," said Alyssa Rieder, Director of Investments for Dignity Health. "This investment aligns with Dignity Health's goals to partner with companies that are innovating to improve quality and patient satisfaction."
VERASENSE was cleared for use in total knee replacement procedures by the U.S. Food and Drug Administration (FDA) in 2011 and received FDA clearance for limb alignment earlier this year.
OrthoSensor, Inc. (www.orthosensor.com) develops and commercializes intelligent orthopaedic devices and data services that provide quantitative feedback to surgeons and hospitals during surgery and post-operatively. The company's intelligent orthopaedic devices utilize proprietary software, as well as advanced sensor and communications technologies, to enable evidence-based surgical decisions with the goal of improving patient outcomes and reducing the cost of treating musculoskeletal disease.
OrthoSensor and VERASENSE are trademarks of OrthoSensor, Inc.
SOURCE OrthoSensor, Inc.