MENLO PARK, Calif.--(BUSINESS WIRE)--Ceterix® Orthopaedics today announced that it has entered into a term loan agreement with CRG and certain of its affiliate funds, providing Ceterix with up to $35 million of available borrowing capacity.
"We are excited to have further support to continue our mission to save the meniscus and improve the lives of patients suffering from knee injuries," said John McCutcheon, president and CEO of Ceterix Orthopaedics. "This flexible financing will allow us to continue expanding the possibilities of meniscus repair through additional investment in innovation and clinical research."
"CRG is dedicated to providing growth capital to innovative commercial-stage healthcare companies," said Charles Tate, Chairman of CRG. "We are excited to partner with Ceterix as the company continues to advance its new technologies and improve patient outcomes in the meniscal surgery space."
Meniscus surgery is the single most common arthroscopic procedure in the United States, with roughly one million performed annually. Ceterix’s NovoStitch® suture passer is currently in use by more than 300 U.S. physicians.
The NovoStitch suture passer enables orthopaedic surgeons to treat complex injuries that have not been amenable to repair in the past by allowing the placement of a circumferential compression stitch in the knee meniscus, which is tightly surrounded by critical structures such as nerves, arteries and cartilage. The NovoStitch technology can also be utilized in minimally invasive hip and shoulder procedures.
About Ceterix Orthopaedics
Ceterix® Orthopaedics develops surgical tools that expand and improve what is possible for physicians who treat soft tissue injuries such as meniscus tears, hip and shoulder labrum tears, and rotator cuff tears. Founded in 2010 with the vision of improving outcomes of arthroscopic procedures, Ceterix’s novel suture passing device enables surgeons to place suture patterns that were previously only possible in open procedures, or not at all. The NovoStitch suture passer is indicated for passing suture through soft tissue in orthopaedic surgery (the specific indication of meniscal tears repair has not been cleared by the FDA). The company is based in Menlo Park, Calif. and is backed by investors Novo Ventures, Versant Ventures and 5AM Ventures. For more information, please visit www.ceterix.com.
About CRG
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a healthcare-focused investment firm with over $2 billion of assets under management that provides capital to healthcare companies primarily through structured debt and senior secured loans. CRG works across the spectrum of life science products and technologies and targets investment sizes ranging between $20 million and $200 million. The firm partners with commercial-stage healthcare companies to provide flexible financing solutions so they can achieve their growth objectives. CRG is headquartered in Houston, Texas with offices in Boulder, Colorado and New York City. For additional information, please visit www.crglp.com.
