MINNEAPOLIS, MN, Global medical device company dedicated to revolutionizing fracture treatment, today announced the completion of a $24 million Series AA equity round of funding.
Conventus Orthopaedics, Inc., a global medical device company dedicated to revolutionizing fracture treatment, today announced the completion of a $24 million Series AA equity round of funding. Conventus intends to use the funding to accelerate product commercialization and invest in new research and development. Conventus' patented, proprietary technology provides clinicians with unique, self-expanding implants that stabilize fracture fragments from within the bone.
The new equity group includes Deerfield Management Company and Ally Bridge Group, joined by Sightline Partners, Spray Fund, Blue Stem Capital, BioStar Ventures and Blue Sky Fund. To date, Conventus Orthopaedics has raised $34 million, including a $10 million venture debt facility in April 2014.
Conventus will use the funding to support the clinical activities and commercial launch of Conventus DRS, a FDA-cleared treatment for distal radius fractures shown to reduce surgical trauma by as much as 80 percent compared to traditional treatment options. The funding will also support commercialization of its Proximal Humerus PH fracture solution for the shoulder and accelerate R&D for new indications such as conditions in the lower extremity.
Paul Buckman, Conventus' chief executive officer, said, 'This infusion significantly strengthens our ability to commercialize our existing products and develop new technologies to advance the treatment of complex fractures. We are delighted to have this distinguished equity group team up with Conventus and participate in the significant milestones that lie ahead.'
'The Conventus internal fixation platform has the potential to bring significantly better outcomes to several types of fractures, thereby shortening patients' post-operative recovery and improving their resultant functioning. We look forward to working with the Conventus team in making these products available to surgeons and patients,' said Steven Hochberg of Deerfield Management Company.
Charles Chon, partner and managing director of Ally Bridge Group, said, 'Conventus is advancing a novel implant modality that can meaningfully transform the way fractures are managed. We plan to leverage our resources in both the U.S. and Asia to help accelerate the development and commercialization of this breakthrough technology.'
About Deerfield Management Company
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. For more information, please visit www.deerfield.com
About Ally Bridge Group
Ally Bridge Group (ABG), a global investment platform with bases in Hong Kong and the United States, is primarily focused on life sciences investments, especially between the United States and China. ABG is founded and led by CEO Frank Yu, who is also Founder and CEO of Themes Investment Partners, a China-focused private equity fund. ABG and its affiliates actively manage over US$600 million in assets. ABG specializes in investing in disruptive technology platforms in both medical devices and biopharmaceuticals, and adding significant value to its portfolio companies, particularly in strategic planning, financing, merger and acquisition exercises and China-Asia business development.
About Conventus Orthopaedics, Inc.
Conventus Orthopaedics, Inc. was founded by a team of medical device professionals and physicians with the sole purpose of improving patient care by creating a platform technology with less invasive solutions to a broad range of challenging periarticular fractures. Taking its name from the Latin word for coming together or union, Conventus Orthopaedics is focused on creating less invasive solutions to fractures in and around the joints. The company is dedicated to working with surgeons to improve healing and enable their patients' return to normal activities.
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