FRANKLIN, Ma., Feb. 28 /PRNewswire-FirstCall/ -- Arthrosurface, Inc.
(http://www.arthrosurface.com), the developer of less-invasive joint
resurfacing systems, has announced that it has raised approximately $4
million in its latest Preferred Stock Series F equity financing. Funded by
Boston Millennia Partners and private investors, to date, the company has
raised approximately $31 million of equity capital. "The Series F funding
is earmarked to support our new product launches, expansion of the
company's direct field sales team and to provide ongoing working capital,"
said Steve Ek, COO. "We now have greater resources to provide for the
people and working capital to support the continued growth of the
business."
Arthrosurface is entering its fourth year of commercial launch with
approximately 7,000 devices implanted by more than 2,000 surgeon users in
the various joint applications of the HemiCAP(R) system. Last year, US
implant sales were up 55% with strong growth across all key product lines.
In particular, sales of the company's first US knee device, the
Patello-Femoral HemiCAP(R), grew 237% year on year. "We have found that
within the first year of clinical launch, implanting surgeons closely
monitor patient progress and, once they have confirmed positive results,
sales begin to rise significantly. An excellent example of this was our
great toe product. Cases went from a few hundred in the first year to
thousands within two years. We expect similar adoption with the release of
our new products," commented company president Steve Tallarida.
The company's HemiCAP(R) systems consist of a range of contoured
articular prosthetics and instrumentation intended for the repair of
significant lesions and cartilage damage in the major joints. Arthrosurface
continues to grow its line of shoulder, great toe, patello-femoral and hip
products in the US. These same products are sold in Europe in addition to
its knee femoral condyle and talar dome devices.
The HemiCAP(R) system provides a less invasive alternative servicing
the joint reconstruction market with its resurfacing systems. "We believe
there is a growing body of patients that have damaged cartilage seeking
medical options that will enable them to maintain their active lifestyles.
These patients will consider surgical treatment provided that recovery is
relatively easy and their future medical options remain open. We believe
that this is the new Millennium Patient(TM)," said Lester Fehr, VP Sales &
Marketing. "Today's patient is a more demanding and educated consumer. For
Arthrosurface, we believe that this is our patient."
SOURCE Arthrosurface, Inc.
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Related links:
http://arthrosurface.com
CONTACT:
Anthony C. Moretti, CFO of Arthrosurface,
Inc., +1-508-520-3003
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