PLYMOUTH, Minn.--(BUSINESS WIRE)--Rotation Medical Inc., a medical device company focused on developing new technologies to treat rotator cuff disease, today announced that it completed a $12 million Series B extension financing.
The existing investors – New Enterprise Associates (NEA), Life Sciences Partners (LSP) and Pappas Ventures – all participated in the financing, which is fundable in two tranches: $8 million initially and $4 million in 2017. The company intends to use the proceeds to continue the acceleration of U.S. commercialization activities for the Rotation Medical rotator cuff system, which is comprised of a proprietary bioinductive implant and disposable instruments that allow the arthroscopic procedure to be performed easily and quickly.
“Since launching our Rotation Medical rotator cuff system in fall 2014, we’ve experienced rapid growth and very positive momentum,” said Martha Shadan, president and CEO of Rotation Medical. “This additional investment in our company will allow us to expand our U.S. presence and continue to support the tremendous physician adoption we have experienced thus far. We are very encouraged by physician and patient response to our bioinductive implant, which we believe serves an important role in helping people with rotator cuff disease heal and get back to an active lifestyle sooner.”
Rotator cuff damage is the most common source of shoulder pain, affecting more than 4 million people annually in the U.S. Traditional approaches to treating degenerated or torn rotator cuffs often do not address poor quality of the underlying tendon tissue, and a significant number of these tendons after standard treatment either degenerate further and/or re-tear. Cleared by the U.S. Food and Drug Administration in March 2014, the Rotation Medical bioinductive implant is designed to address this limitation by inducing new tissue growth at the site of implantation, resulting in increased tendon thickness and healing of tendon defects with new tissue growth.
About Rotation Medical
Rotation Medical Inc. was founded in 2009 and is committed to improving the treatment of rotator cuff disease with the Rotation Medical rotator cuff system, a breakthrough technology that has the potential to prevent rotator cuff disease progression and reduce re-tears by inducing the growth of new tendinous tissue. The company is privately held and funded by New Enterprise Associates (NEA), Life Sciences Partners (LSP) and Pappas Ventures. For more information, visit www.rotationmedical.com.