Conventus Orthopaedics, Inc. Secures $10 Million Credit Facility to Support Continued Growth
MINNEAPOLIS, April 22, 2014-- Conventus Orthopaedics, Inc., has closed on a $10 million credit facility to help fund commercialization of the FDA cleared and CE-marked Conventus DRS™ to treat distal radius fractures and to further accelerate the development and commercialization of new indications for the Conventus platform technology. The credit facility is provided by Oxford Finance LLC and Square 1 Bank. Conventus is a medical device company focused on creating innovative, less invasive solutions to treat a broad range of challenging peri-articular fractures.
Paul Buckman, Conventus’ Chief Executive Officer, said: “We are delighted to be partnering with both Oxford Finance and Square 1 Bank in our quest to continue building value at Conventus. This funding will enable Conventus to continue efforts to expand our game-changing platform technology with new indications such as Proximal Humerus and more in the lower extremities.”
Conventus DRS technology provides clinicians with a unique, self-expanding implant that stabilizes the fracture fragments from within the bone. The surgical procedure requires a minimal incision on the forearm and minor incisions at the wrist. The technique reduces surgical trauma by as much as 80 percent compared to traditional plate and screw fixation surgery.
“Oxford is pleased to partner with Square 1 to provide capital to Conventus as it seeks approval in a second indication for its novel fracture fixture technology,” said Chris Herr, Managing Director for Oxford Finance. “Conventus is led by a highly regarded management team with extensive medical device experience, and we are confident the company will continue to expand its platform, enabling better outcomes and faster recovery for patients.”
Ryan Dammeyer, Managing Director of Square 1’s Technology and Life Sciences practices in the Midwest added, “Square 1 is proud to partner with a company carrying out important work to advance orthopedics for patients who experience joint fractures. We look forward to supporting Conventus Ortho’s future growth and commitment to patient care through less invasive solutions.”
Oxford Finance, headquartered in Alexandria, Virginia, is a specialty financial services firm that provides capital exclusively to life sciences and healthcare services companies worldwide. Square 1 Bank, based in Durham, North Carolina, specializes in providing financial services to entrepreneurs and venture capitalists.
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 peri-articular 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.
Conventus Orthopaedics, Inc.
Paul Buckman, 763-515-5000
President and CEO
Dave Folkens, 612-455-1741
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