|Conventus' DRS system offers the first less-invasive, fragment-specific, easy-to-use system that matches the fixation strength of volar locking plates.--Courtesy of Conventus Orthopaedics|
Conventus Orthopaedics received $24 million in its first equity financing that will go to launch its distal radius fracture implant as well as to advance other minimally invasive complex fracture treatments. This financing brings the total amount raised for the company to $34 million, including a $10 million venture debt facility from April.
The startup's Conventus DRS was cleared by the FDA in January 2013 to treat distal radius fractures in the arm. The implant is intended to provide a less invasive means of treatment and has been shown to reduce surgical trauma for distal radius fractures by as much as 80% versus traditional plate and screw fixation techniques.
"The introduction of the Conventus DRS Implant will allow orthopedic surgeons to treat a broad range of distal radius fractures in a much less invasive manner without sacrificing stability of the repair," Dr. Randip Bindra, a fellowship program director of Hand Surgery in Chicago, IL, said in a statement when the system was cleared by the FDA.
The implant surgery for Conventus DRS requires only a two- to three-centimeter incision in the forearm as well as a few tiny incisions in the wrist for placement. It's the first minimally invasive system that's specific to a type of fragmentation, according to the company.
This financing will also go to help commercialize its Proximal Humerus PH fracture solution for the shoulder, as well as to research and development for new indications including those in the lower extremities.
Deerfield Management led the financing. Ally Bridge Group, Sightline Partners, Spray Fund, Blue Stem Capital, BioStar Ventures and Blue Sky Fund also participated.
"The Conventus internal fixation platform has the potential to bring significantly better outcomes to several types of fractures, thereby shortening patients' post-operative recovery and improving their resultant functioning," said Steven Hochberg of Deerfield in a statement. "We look forward to working with the Conventus team in making these products available to surgeons and patients."
Charles Chon, partner and managing director of Ally, added, "Conventus is advancing a novel implant modality that can meaningfully transform the way fractures are managed. We plan to leverage our resources in both the U.S. and Asia to help accelerate the development and commercialization of this breakthrough technology." The firm focuses primarily on life sciences investments in the U.S. and China.
- here is are releases from Deerfield and Conventus
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