OrthAlign completed a $15 million round of financing.
"It's obvious that the orthopedics landscape is changing considerably," said OrthAlign CEO William E. Maya. "Further differentiation and OrthAlign is in a prime position to take advantage of this market opportunity by introducing new products, increasing the reach of our sales and marketing efforts and expanding internationally."
Here are five key concepts from the transaction:
1. The growth capital will be used for various projects:
• OrthAlign Plus launch
• Increase sales and marketing activities
• Continued international distributor expansion
2. The series capital was led by River Cities Capital Funds and Mutual Capital Partners. Both are OrthAlign investors.
3. Preferred shareholders, including River Cities and Mutual Capital Partners, can provide additional working capital to fund future growth initiatives as strategic opportunities arise.
4. The company expects OrthAlign Plus to become commercially available in early 2015 as an alternative in total hip arthroplasty navigation technology. It allows surgeons to consistently position the acetabular cup and measure leg length and offset.
5. The market is turning toward surgical tools and technologies to make surgeons more accurate with real-time data and allow for repeatable procedures.
"OrthAlign has the core technology and team needed to build a significant business in a large high-growth market," said Mutual Capital Partners Partner Wayne Wallace. "We look forward to helping the team and building on prior success in the orthopedic space."