Minnesota’s Conventus Orthopaedics raised $20 million in equity that will expand commercialization of its fracture-repairing implants as well as develop the technology for other indications.
The company’s Cage line of products are FDA-cleared for the treatment of shoulder, elbow and wrist fractures. Conventus earned its latest clearance in 2015, for the surgical repair of fractures in the proximal humerus (shoulder), and the financing will go toward commercializing the product for this indication.
The device is a self-expanding intramedullary implant—it is placed inside the bone, where the marrow is located. As a result, there is less hardware exposed on the surface of the bone, so it doesn’t irritate soft tissue as much as other solutions, such as plates and screws. The less invasive procedure reduces postoperative pain and allows for a greater range of motion earlier, the company says.
"The Cage is a truly innovative technology, poised to disrupt the orthopaedic trauma market," said Avi Kometz, a partner at Deerfield Management, which led the round. "The early clinical results have been outstanding, leading us to continue our long-term investment thesis in the company."
Conventus previously raised $23.5 million in November 2015 and $24 million in December 2014. Its other investors include BioStar Ventures, Sightline Partners and Ally Bridge Group.