EAST TAUNTON, Mass., April 9, 2014 /PRNewswire/ -- OMNIlife science, Inc. (also known as "OMNI"), an established medical technology company targeting the $15 billion and rapidly growing global hip and knee replacement medical device sector, announces the closing of a $27.5 million debt financing. The debt facility is being provided by affiliates of Deerfield Management Company. OMNI is an established hip and knee implant replacement engineering, manufacturing and distribution company that has also developed a Robotics and Navigation platform, called OMNInav™, which uses a proprietary computer-assisted robotic cutting guide technology called "OMNIplasty™."
OMNI plans to use the proceeds of the financing to continue expansion of its already extensive hip and knee replacement implant product lines and to complete commercial development of its proprietary FDA cleared OMNInav hip replacement solution. OMNI also plans to more than double the number of deployed OMNInav systems from 18 at the time of this announcement to 50 by the end of 2015, while replacing all of the current first-generation OMNInav units with new second-generation OMNInav stations and software.
"Deerfield is committed to supporting innovative products and growth companies and has extensive experience with the computer navigation and robotics sector of healthcare, and we welcome them to the OMNI team," said OMNI's President and CEO, George Cipolletti. "Given the demographics of the baby boomer generation and the active lifestyle that baby boomer patients intend to maintain, we believe that offering alternative solutions incorporating robotic technology that improve surgical outcomes and reduce rehabilitation times will significantly benefit both patients and the healthcare system."
OMNIplasty is currently the only orthopedic robotic navigation solution that is FDA cleared and readily available to address primary total knee replacement. Primary total knee replacement represents over 80 percent of all knee replacement surgery performed today. Other available robotic systems currently only address partial knee replacement, which represents less than 10 percent of the global knee replacement surgery market. To date, over 3,000 OMNIplasty procedures have been performed in the U.S. and international markets.
OMNIplasty goes beyond traditional manually-instrumented knee replacement surgery, enabling rapid patient recovery, improved implant alignment and kinematic function of the replaced knee. OMNI's proprietary technology enables surgeons to create a digital model of patients' knees without invasive X-ray or costly MRI imaging, perform virtual surgery on the computer before making any bone cuts, and then produce precise bone cuts using a robotic cutting guide to implant OMNI's proprietary knee replacement implants in a highly reproducible and simple manner.
"Deerfield has been an active investor in robotic systems designed to aid in surgical procedures. OMNIlife science has developed a cost-effective computer navigation and robotic platform in orthopedics for improved outcomes of total joint replacement procedures," stated Steve Hochberg, a Partner at Deerfield Management.
Aquilo Partners, L.P., a life science investment bank, acted as the exclusive placement agent for the financing.
About Deerfield Management Company
Deerfield is an investment management firm, committed to advancing healthcare through investment, information and philanthropy. For more information about Deerfield, please visit www.deerfield.com.
About OMNIlife science, Inc.
OMNI is an established hip and knee implant replacement engineering, manufacturing and distribution company that has also developed a proprietary Robotics and Navigation platform, called OMNInav™, that uses proprietary computer-assisted robotic cutting guide technology, or "OMNIplasty™".
Contact: Robert Phelps, Senior Vice President, Sales & Marketing
Phone: (508) 824-2444
Statements in this press release concerning the future business, operations and prospects of OMNIlife science, Inc., including its plans for the use of the proceeds of the proceeds of the Deerfield debt facility and the deployment of OMNInav systems, as well as statements using the terms "plans," "believes" or similar expressions are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and are subject to a number of factors and uncertainties. Information contained in these forward-looking statements is inherently uncertain, and actual performance and results may differ materially due to many important factors. Such factors include, among others, changes in competitive conditions and pricing in OMNI's markets, decrease in the demand for OMNI's products, delays in OMNI's product research and development cycles, decreases in the use of OMNI's principal product lines or in procedure volume, unanticipated issues in complying with domestic or foreign regulatory requirements related to OMNI's current products or securing regulatory clearance or approvals for new products or upgrades or changes to OMNI's current products, the impact of the United States healthcare reform legislation on hospital spending and reimbursement, any unanticipated impact arising out of the securities class action or any other litigation, inquiry, or investigation brought against OMNI, increases in costs of OMNI's sales force and distributors, and unanticipated intellectual property expenditures required to develop, market, and defend OMNI's products. OMNI cannot guarantee any future results, levels of activity, performance or achievement. OMNI undertakes no obligation to update any of its forward-looking statements after the date of this press release.
SOURCE OMNIlife science, Inc.