Catalyst OrthoScience Closes $12.7 Million Oversubscribed Financing Round to Fuel Growth of Novel Total Shoulder System
NAPLES, Fla.--(BUSINESS WIRE)--May 14, 2019--
Catalyst OrthoScience Inc. (Catalyst), a medical device company focused on the upper extremity orthopedics market, has raised $12.7 million in an oversubscribed Series C-1 financing round led by River Cities Capital Funds (River Cities).
“This funding will be instrumental in fueling rapid growth for Catalyst through increased inventory, expanded distribution and new product development,” said Brian K. Hutchison, Catalyst chairman and CEO. “The additional funding will allow us to enhance company infrastructure and hire additional talent to support our growth and to bring our novel approach to total shoulder arthroplasty to surgeons and their patients.”
“We are excited to partner with Catalyst to fuel the growth of the company and advance minimally invasive surgery in shoulder arthroplasty,” said Carter McNabb, managing director at River Cities, who will join Catalyst’s board of directors.
Designed by surgeons for surgeons, the Catalyst CSR™ Total Shoulder System is a disruptive technology that represents the next evolution in shoulder surgery. The simple surgical technique creates a unique, multiplanar chamfer cut on the humeral head that minimizes bone removal and preserves the strongest, densest bone for the humeral component fixation – similar to modern knee replacement. Patented, angled glenoid instruments aid in the glenoid exposure and lessen retraction on the soft tissue. The precision of the system’s implants and instrumentation yields highly accurate and repeatable restoration of the native non-spherical anatomy. These benefits position the Catalyst CSR system as an attractive solution for anatomic total shoulder replacement surgery.
Today, the Catalyst CSR system has been used in more than 1,000 surgeries. The first patients are more than two years post surgery with excellent clinical results. The system has seen rapid adoption and is supported by a team of top key opinion leaders in the shoulder replacement market.
England Securities LLC acted as financial advisor and Dentons US LLP acted as legal advisor for Catalyst in the transaction.
About Catalyst OrthoScience Inc.
Catalyst OrthoScience develops and markets surgical implants that make orthopedic surgery less invasive and more efficient for both surgeons and patients. Catalyst was founded in 2014 by orthopedic surgeon Steven Goldberg, M.D., who saw the need to make shoulder replacement surgery less invasive and give patients a more natural-feeling shoulder after surgery.
The company’s first offering, the Catalyst CSR Total Shoulder System, represents the next evolution in total shoulder arthroplasty. The Catalyst CSR is a single-tray, bone-preserving total shoulder arthroplasty system containing a precision elliptical humeral head and less invasive glenoid component, using specialized ergonomic instrumentation designed for consistent anatomic joint line restoration and glenoid insertion. The Catalyst CSR system can be used in both inpatient and outpatient settings and was cleared for use by the FDA in 2016.
Catalyst OrthoScience has a growing portfolio of 10 granted U.S. patents with several more pending nationally and internationally. The company is headquartered in Naples, Fla., and its products are available across the U.S. For additional information on the company, please visit www.CatalystOrtho.com.
About River Cities Capital Funds
River Cities is a growth equity firm investing in high-potential healthcare and information technology companies. A consistent, cohesive team has honed its strategy over six funds with compelling performance. River Cities seeks to be a business partner first and a capital provider second, investing significant human capital to leverage its domain expertise and a network of thought leaders assembled over the last 25 years. With $750 million of capital raised and a consistent track record of success, River Cities has established itself as a preferred source of growth capital. The firm, located in Cincinnati, Ohio and Raleigh, N.C., is actively seeking new investments for its Fund VI. For more information, please visit www.rccf.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190514005291/en/
CONTACT: Brian Hutchison
Catalyst OrthoScience Inc.
Wendy Crites Wacker, APR, CPRC
Surgence Communications Strategies
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA
INDUSTRY KEYWORD: SURGERY HEALTH MEDICAL DEVICES
SOURCE: Catalyst OrthoScience Inc.
Copyright Business Wire 2019.
PUB: 05/14/2019 08:30 AM/DISC: 05/14/2019 08:31 AM