Scottsdale, AZ-based Cayenne Medical has closed a $10 million equity financing, with new investor Fletcher Spaght Ventures joining Split Rock Partners, MB Venture Partners and Investor Growth Capital. The company says it will use the proceeds to boost sales and distribution and support expansion of its sports medicine portfolio.
Cayenne was founded in March 2005 and is focusing on what it terms unmet clinical needs in arthroscopic surgery. Its offerings include products for knee ligament reconstruction and meniscal repair.
However, this month the company will launch the Quattroshoulder system for rotator cuff and labral repairs. And it marks a big milestone for the company. Last year, CEO David Springer emphasized the importance of shoulder procedures in an interview with OrthoTec. Although the company was founded on shoulder tech, it went into the knee market to help meet a larger unmet need. Roughly 90% of Cayenne's knee users also do shoulder surgery, he explained. "They tend to do three or four shoulders for every ACL repair," he said. "We see a huge market opportunity with this strategy."
The company isn't stopping with knees and shoulders. "In five years, [we want to] be the company that the physician can [use to] take care of the patient from top to bottom," Michael Gillem, Cayenne's VP of sales, said in a 2010 interview, as quoted by OrthoTec.
- read Cayenne's release