Diamond Orthopedic, LLC, a medical device company that offers a revolutionary fixation technology to achieve better patient outcomes at a lower total cost, announced today it has successfully closed its $3.5 million seed round of equity funding. The capital raise, led by MagnaSci Fund L.P., is the Company's first equity offering since its inception on March 1, 2017.
Diamond's signature technology is a faceted threadform that has been deployed in an FDA cleared faceted bone screw. As evidenced by significant bench testing, the new threadform design demonstrates superior performance as compared to conventional helical threadforms.
With its initial capital raise complete, experienced management team, seasoned advisory board, and patented new technology, Diamond Orthopedic is positioned for success in the nearly $50 billion orthopedic market. Diamond Orthopedic has exclusive rights to market and sell over 2,500 FDA cleared SKUs of cortical, cancellous, headless compression, and external fixation screws.
"We are excited about the ability to launch our faceted bone screw technology with this round of capital investment," says Board Chairman Charlie Federico. "With the market encouragement we've received thus far, we look forward to providing surgeons and patients with this superior technology."
Diamond's patented faceted threadform is designed to reduce friction and compressive stress at the bone-screw interface. Lower compressive stress and the reduced insertion torque required to drive the screw and/or threaded pins into bone reduces the potential for microfractures. When paired with the viscoelastic properties of bone, the faceted threadform demonstrates superior fixation as compared to conventional helical threadforms. Many promising applications of the faceted threadform exist within the orthopedic market, especially in cases where compromised bone is a factor.
"Faceted bone screws offer superior fixation performance in both healthy and compromised bone," says CEO Roy Bivens. "We are very excited about the possibilities for this technology in a multitude of applications, from specific procedures where superior fixation is paramount, such as triple arthrodesis, to the full spectrum of applications ranging from healthy-boned athletes to compromised bone, such as osteoporotic and osteopenic bone."
He adds "our faceted technology has the potential to change numerous paradigms within orthopedics, including uni-cortical fixation possibilities."
About Diamond Orthopedic
Diamond Orthopedic, LLC, headquartered in Charlotte, NC, is a medical device company that offers a revolutionary fixation technology to achieve better patient outcomes at a lower total cost. Diamond Orthopedic is the exclusive provider of faceted threadform technology for orthopedic applications worldwide. With proven superiority over traditional helical threadforms, Diamond Orthopedic is the new fixation standard in orthopedics.