|KneeAlign navigation system used in total knee replacement surgery--Courtesy of OrthoAlign|
Aliso Viejo, CA's OrthAlign completed a $15 million financing round lead by previous investors River Cities Capital Funds and Mutual Capital Partners in support of its precision alignment technology that it says improves the accuracy of orthopedic surgery.
OrthAlign boasts an exclusive distribution agreement with Biomet for its total knee replacement surgery navigation system in Japan, and will use the funding to expand into additional markets such as the United Kingdom.
The money will also help in the launch of the FDA-cleared OrthAlign Plus navigation system for total hip replacement surgery, the company says. OrthAlign Plus will allow surgeons to consistently position the acetabular cup and confidently measure leg length and offset. It will be commercially available in early 2015, according to the release.
"We spoke with many of OrthAlign's orthopedic surgeon, hospital, and distribution customers and were impressed with the enthusiasm expressed by key opinion leaders at world renowned medical institutions using OrthAlign technology. OrthAlign has the core technology and team needed to build a significant business in a large high-growth market. We look forward to helping the team and building on prior success in the orthopedic space," said Wayne Wallace, partner at Mutual Capital Partners in a statement.
Meanwhile, the company's FDA-cleared KneeAlign navigation system for total knee replacement surgery has been used 21,000 times, according to the release.The palm-sized device provides real-time data on the alignment of the implant collected via accelerometers and other sensors, and works with all implant systems. In a company video, OrthAlign officials touted clinical studies of the product and said their navigation system is faster and cheaper than custom patient instruments and computer-assisted surgery systems.
"Further differentiation and technological advancement in joint products has become increasingly difficult. The market is now turning to surgical tools and technologies that will make surgeons more accurate, give them greater confidence through real-time data, and provide repeatability," said OrthAlign CEO William Maya in a statement.
A study in the London-based journal, The BMJ, found that there is little to no support for new joint replacements in comparison to their predecessors. OrthAlign hopes to get around this problem by offering a supplementary tool that will improve the effectiveness of surgery regardless of the implant used.
- read the release