|Courtesy of Woven Orthopedic Technologies|
Connecticut's Woven Orthopedic Technologies has now raised $6.6 million in equity financing since inception in 2013, thanks to the recent sale of more than $4 million worth of capital. The company also raised the amount of equity on offer from a previous $5.5 million to $8.6 million, saying the latest financing was oversubscribed.
The fundraising effort included participation from orthopedics-focused VC firm Viscogliosi Bros, whose members serve as directors of the company. According to the SEC filing, $2.1 million of the offering has been or is proposed to be used to pay executive officers from 2013 to 2015. In addition, and estimate $228,400 was paid in sales commissions.
The company's technology is designed to enhance orthopedics' screw fixation using a screw-to-bone interface. Its solution consists of a biopolymer-based, mesh-like cage that's inserted around implants' screws to improve engagement by increasing surface area contact between the bone and screw, according to the company website. It also distributes load transfer to promote bone healing.
Other efforts to prevent screws from loosening have focused on improving the implants themselves or their implantation procedures, but Woven Orthopedic Technologies says the problem results from features of the actual bone, and believes its accessory can help correct the issue.
- here's the filing