Core Essence Secures $11.5 Million Series B Financing

FORT WASHINGTON, Pa., March 21, 2011 /PRNewswire/ -- Core Essence Orthopaedics, Inc. (Core Essence), a Fort Washington, Penn.-based orthopaedic device company, announced today it has raised $11.5 million in Series B financing. Baird Venture Partners led the round, joined by existing investor NewSpring Health Capital, Robin Hood Ventures and other individual investors. The funding, which follows a $5 million Series A round, will support the commercialization of the company's soft tissue and skeletal repair devices.

Core Essence has developed a range of products targeting high-volume, sports medicine procedures involving soft tissue and skeletal repair of the extremities. The company's products better enable surgeons to perform minimally invasive arthroscopic and endoscopic procedures, leading to higher success rates and lower recovery times.

"We are excited about establishing this partnership with Baird Venture Partners and the continued support we received from existing investors," said John Moran, CEO and Chairman of Core Essence. "There is increasingly strong demand for innovative solutions that maximize productivity and minimize complexity of existing surgical techniques. This financing will help us continue on the path toward meeting that demand."

"Core Essence is targeting two of the highest growth segments within the orthopaedic field today – extremities and sports medicine," said Pete Shagory, Partner at Baird Venture Partners. "Core Essence's novel product portfolio will enhance the ability of surgeons to meet the growing needs of their patients while providing them with the tools to achieve better outcomes."

"We are excited to continue to support Core Essence and very pleased to welcome Baird Venture Partners to the company," said Zev Scherl, a Core Essence Board member and a General Partner at NewSpring Capital.

As part of the transaction, Shagory will join Core Essence's Board of Directors.

About Core Essence Orthopaedics, Inc.

Core Essence Orthopaedics, Inc. (CE Ortho) is a privately held orthopaedic device company focused on the development, manufacturing and commercialization of solutions for minimally invasive soft tissue and arthroscopic musculoskeletal repair for the extremity market. CE Ortho's intuitive and innovative technologies are driven by increasing demands for alternatives to complicated surgical procedures. CE Ortho devices enable surgeons to build on classic and familiar surgical techniques with novel instruments and implants that simplify procedures and can be quickly mastered. The Company's proprietary technologies provide solutions to the growing volume of tendon and ligament repairs required by the active lifestyles of patients of all ages. For more company information, visit www.ceortho.com.  

About Baird Venture Partners

Baird Venture Partners, the U.S.-based venture capital fund of Baird Private Equity, makes venture capital investments in early and expansion stage business services and life sciences companies. Baird Venture Partners leverages its in-depth sector knowledge, experienced investment team and network of relationships to serve as a value-added partner for its portfolio companies.   For more information, please visit www.bairdventurepartners.com.

Baird Private Equity, the global private equity group of Robert W. Baird & Co. (Baird), makes venture capital, growth equity and buyout investments in smaller, high potential companies in the United States through Baird Venture Partners and Baird Capital Partners, in China through Baird Capital Partners Asia, and in Europe through Baird Capital Partners Europe.  Baird Private Equity has a global team of investment and operations professionals across the United States, Europe and Asia, including a team of operating professionals in Asia.  Baird Private Equity and its affiliates have raised and managed over $2.7 billion in capital and invested in more than 240 companies since the 1980s.  For more information, please visit www.bairdprivateequity.com.

About NewSpring Capital

NewSpring Capital, based in Radnor, Pennsylvania, Short Hills, New Jersey, Washington, D.C. and Baltimore, MD is a leading provider of private equity capital focused in the Mid-Atlantic region. NewSpring Capital currently has $600 million across three distinct investment strategies through its family of funds. For more information, please visit www.newspringcapital.com.

SOURCE Core Essence Orthopaedics, Inc.