OrthoSensor Closes $13 MM in Series B-2 Financing, Brings Total Series B Financing to $48 MM
Lead Investors Include Ziegler Meditech Equity Partners and Dignity Health
DANIA BEACH, Fla., (October 15, 2013) – OrthoSensor, Inc., a leader in Intelligent Orthopaedics, announced today that it has closed its Series B-2 financing round, bringing the company’s total Series B financing to more than $48 MM.
Series B Investors include Dignity Health, the fifth largest hospital provider in the United States, Ziegler Meditech Equity Partners, LP, and undisclosed strategic and angel investors.
“OrthoSensor has an aggressive growth agenda, maximizing the relationships we have with our current partner companies and adding new partners, product lines and international markets in the coming year,” Jay Pierce, President and Chief Executive Officer of OrthoSensor, said. “This additional investment and continued confidence from our investors provides increased resources to maintain the rapid growth of our VERASENSE product line, as well as fund additional R&D, marketing and sales initiatives.”
VERASENSE is an intelligent single-use device used in total knee replacement procedures to provide surgeons with real-time, quantifiable data on implant placement and soft tissue balance. VERASENSE takes knee replacement surgery to a new level by using embedded sensors and wireless communication technology to provide data that enables surgeons to make informed adjustments to improve implant placement and soft tissue balance intraoperatively. Accurate implant placement and soft tissue balance have been shown to extend the life of implants, reduce the incidence of revision surgeries and improve patient function.28, 32, 1, 2, 3, 4
With baby boomers – and their joints – aging, researchers have estimated that the yearly demand for total knee replacements could be as high as 3.48 million procedures by 2030. VERASENSE aims to help surgeons complete these surgeries in a more accurate and reproducible manner with the goal of increasing implant longevity and patient satisfaction while decreasing the need for revision knee surgeries.5
“The OrthoSensor platform has remarkable potential to improve patient outcomes and help speed recovery for knee replacements,” said Alyssa Rieder, Director of Investments for Dignity Health. “This investment aligns with Dignity Health’s goals to partner with companies that are innovating to improve quality and patient satisfaction.”
VERASENSE was cleared for use in total knee replacement procedures by the U.S. Food and Drug Administration (FDA) in 2011 and received FDA clearance for limb alignment earlier this year.
1. Parratte S, Pagnano MW. Instability after total knee arthroplasty. J Bone Joint Surg Am 2008; 90: 184–94.
2. Lombardi AV Jr1, Berend KR1, Adams JB1. Why knee replacements fail in 2013: patient, surgeon, or implant? Bone Joint J. 2014 Nov;96-B(11 Supple A):101-4.
3. Bozic KJ, Kurtz SM, Lau E, Ong K, Chiu V, Vail TP, Rubash HE, Berry DJ. The epidemiology of revision total knee arthroplasty in the United States. Clin Orthop Relat Res.2010; 468(1):45–51.
4. Rodriguez-Merchan, EC. Instability Following Total Knee Arthroplasty. HSS J. Oct 2011; 7(3): 273–278.
5. Steven Kurtz, PhD, Kevin Ong, PhD, Edmund Lau, MS, Fionna Mowat, PhD, and Michael Halpern, MPH, MD, PhD. Projections of Primary and Revision Hip and Knee Arthroplasty in the United States from 2005 to 2030. J Bone Joint Surg. 2007; 89-A(4): 780-785.
About OrthoSensor, Inc.
OrthoSensor, Inc., a leader in Sensor-Assisted Total Knee Arthroplasty develops and commercializes intelligent orthopaedic devices and data services that provide quantitative feedback to surgeons and hospitals. The company’s intelligent orthopaedic devices utilize advanced proprietary sensor and communications technologies, coupled with the company’s innovative software products, to facilitate evidence-based decisions in orthopaedic surgery – with the goal of improving patient outcomes and potentially reducing the cost of treating musculoskeletal disease.
OrthoSensor® and VERASENSE™ are trademarks of OrthoSensor, Inc.