The $5.3 million Series A preferred stock offering closed on September 5, 2003 with Boston Millennia Partners as the first and sole institutional investor in the company. As part of the investment, Patrick J. Fortune, Ph.D., Partner with Boston Millennia Partners, will join the company's Board of Directors. "Boston Millennia Partners reviews many medical device companies. We found ArthroSurface attractive because it combines a strong and experienced management team with a unique and robust product system targeted at a very attractive market. The people, the technology and the market opportunity give ArthroSurface truly exciting commercial prospects."
ArthroSurface has received FDA approval for the use of its CAP(TM) system in the hip and shoulder, and expects to shortly initiate clinical trials to obtain approval in the knee. The company will use the funding to continue development of the hip and shoulder systems, begin trials in the knee, and support sales and marketing efforts. Steve Ek, co-founder and Company Executive Vice President said, "The CAP(TM) system is expected to give orthopedic surgeons a new treatment option for patients with certain types of joint disease. We expect the system to provide a substantially less invasive alternative to joint replacement surgery that also reduces or eliminates pain and restores quality of life. At the same time, the system will leave future treatment options intact."
"The CAP(TM) system is an elegantly simple and unique technology," said Steve Tallarida, co-founder and Company President. "It serves a growing market, addresses unmet clinical needs and has generated excitement in the orthopedic community."
ArthroSurface, Inc. was founded in late 2002 to commercialize product concepts developed by its founders. In a relatively short time ArthroSurface reduced the concepts to practice, completed animal trials and obtained FDA 510K approval for the CAP(TM) system in the shoulder and hip. Commercialization of the technology is in progress in the U.S. and is expected to commence in Europe in 2004. For additional information, please visit www.arthrosurface.com.
About Boston Millennia Partners
Boston Millennia Partners is a leading venture capital firm, with over $700 million under management. Millennia invests in high-growth businesses in the information technology, life sciences and telecommunications industries, and considers venture investment opportunities at all stages of development, from start-up through pre-public offering. Millennia's experienced management team has funded over 100 companies in the U.S. venture market since 1983, including such portfolio companies as Proteome/Incyte Genomics (Nasdaq: INCY), HotJobs.com (Nasdaq: HOTJ), Yantra, Verio/NTT Communications (NYSE: NTT), PAREXEL International (Nasdaq: PRXL), PowerFone/Nextel Communications (Nasdaq: NXTL), Brooks Fiber Properties/MCI WorldCom (Nasdaq: WCOM), and ILEX Oncology (Nasdaq: ILXO). For additional information, please visit www.millenniapartners.com.