HealthpointCapital-Backed CrossRoads Extremity Systems Acquires Multiple Groundbreaking Implant Systems from Surgical Frontiers
Nov 25, 2019, 11:53 ET
NEW YORK and MEMPHIS, Tenn., Nov. 25, 2019 /PRNewswire/ -- HealthpointCapital, the leading private equity firm focused exclusively on musculoskeletal healthcare, today announced that its Fund IV portfolio company, CrossRoads Extremity Systems, has completed the acquisition of several differentiated technology assets from Surgical Frontiers LLC. The add-on acquisition furthers CrossRoads' strategy to build a market leading company in the high-growth orthopedic extremities sector.
The acquisition includes:
1) |
the KATOR® family of advanced soft tissue-to-bone reattachment products for Achilles tendon repair, ligament stabilization and arthroscopic rotator cuff repair; |
2) |
the OsteoPrecise™ family of precision cutting guides for bone alignment in small-bone osteotomies and fusions; |
3) |
the SpeedButton™ product for anatomic ligament reattachment with stronger pull-out and better ligament footprint; |
4) |
the Metrics portfolio for high-precision, reproducible restoration of anatomic bone alignment and ligament function in high ankle sprains and ankle fractures. |
All acquired products are FDA-cleared and were developed under the umbrella of Surgical Frontiers LLC, led by its founder and CEO Wade Fallin. The acquired products are covered by a total of 16 issued and 10 pending US patents.
Commenting on the announcement, Mike Mogul, HealthpointCapital's President, said: "By investing in CrossRoads in May 2019, we set out to build an extremities market leader, leveraging the unique plate and staple combination technology for bone fixation. Today's addition of Surgical Frontiers' innovations is an important step toward that goal, adding highly differentiated soft-tissue repair assets, and further strengthening CrossRoads' portfolio."
"As we continue on our fast-growth trajectory, we are excited to add to our portfolio a range of technologies that have significant advantages over the current standard of care," said Vernon Hartdegen, CEO and Co-Founder of CrossRoads. "These unique and highly complementary technologies and intellectual property will further round out our product portfolio and drive cross-selling opportunities. The acquisition is perfectly aligned with our philosophy of offering less-invasive surgical solutions centered on better outcomes for the patient and ease of use for the surgeon."
HealthpointCapital invested in CrossRoads Extremity Systems in May 2019 with its patented Active Stabilization® technology that combines continuous dynamic compression and enhanced stability through a hybrid construct of a nitinol staple within a fixation plate. In addition, CrossRoads' high-quality reusable instrumentation and unique EcoSMART® instrument recovery program promote efficient inventory management and improved economics for healthcare facilities.
Transaction details were not disclosed. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. provided legal counsel to HealthpointCapital and CrossRoads, and Durham Jones & Pinegar provided legal counsel to Surgical Frontiers.
About HealthpointCapital
Founded in 2002, HealthpointCapital is the leading private equity firm focused exclusively on the musculoskeletal sector. The Firm is led by CEO and founder John H. Foster and Mike Mogul, former Group President, Orthopaedics at Stryker Corporation and former CEO of DJO Global. HealthpointCapital brings together extensive medical technology operating experience, a strong private equity track record, and a deep network of relationships to help portfolio companies accelerate growth. Notable recent exits for HealthpointCapital include OrthoSpace (acquired by Stryker), Blue Belt Technologies (acquired by Smith & Nephew) and BioHorizons (acquired by Henry Schein).
For additional information, visit www.healthpointcapital.com.
About CrossRoads Extremity Systems
CrossRoads Extremity Systems was founded in 2014 and is headquartered in Memphis, TN. The Company's mission is to develop and commercialize innovative technologies in the orthopedic extremity sector that improve the operating room experience and patient outcomes through simplicity and accuracy for the surgeon, and sustainability and cost reduction for healthcare institutions. CrossRoads' Active Stabilization® technology is the only technology on the market today to simultaneously offer enhanced stability with continuous compression, optimizing conditions for bone healing in fusion procedures. The Company leverages this technology in a broad range of procedure-specific, sterile-packed implants and instrumentation systems cleared for both lower and upper extremity indications. The Company's EcoSMART® Instrument Service provides customers with gamma sterilized, reusable instruments for every surgical case and post-surgery recovery and processing of those instruments. EcoSMART® reduces the inefficiencies of traditional non-sterile instrument trays and eliminates the waste associated with typical disposable instruments.
For additional information, visit www.crextremity.com.
About Surgical Frontiers
Surgical Frontiers develops advanced surgical technologies that are ready for clinical use. Focused primarily on musculoskeletal injuries and pathologies, the company collaborates with surgeons, industry, universities, and investors to bring advanced surgical technologies to the market that improve healthcare. Headquartered in Logan, UT, Surgical Frontiers was founded in 2014 as an incubator company led by CEO and founder Wade Fallin.
For investor or media inquiries, please contact:
Tessa Cicitta, HealthpointCapital, 212-935-7780 or tcicitta@healthpointcapital.com
SOURCE HealthpointCapital
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