Global medical device company Conventus Orthopaedics completed another round of funding for future growth and development.
Here are five things to know about the funding.
1. The company completed a $24 million Series AA equity round of funding. The company has raised $34 million to date, including a $10 million venture debt facility in April of this year.
2. Deerfield Management Company and Ally Bridge Company were in the new equity group. They were joined by Sightline Partners, Spray Fund, Slue Stem Capital, BioStar Ventures and Blue Sky Fund.
3. The funding will be used to support the clinical activities and commercial launch of Conventus DRS. This FDA-cleared treatment for distal radius fractures is designed to reduce trauma by as much as 80 percent compared to traditional treatment options.
4. The funding is also supporting the Proximal Humerus PH fracture solution commercialization and will accelerate research and development for new indications. The current indication is for the shoulder and new indications could include lower extremity conditions.
5. Partner and Managing Director of Ally Bridge Group Charles Chon reported the company will leverage resources in the United States and Asia to help accelerate development and commercialization of Conventus' technology.