BELLEVUE, Wash.--(BUSINESS WIRE)--CurvaFix, Inc., a developer of medical devices to repair fractures in curved bones, today announced the completion of its oversubscribed Series B private equity financing, totaling $10.75 million. The financing was led by Sectoral Asset Management and included participation from existing investors, including Delta Dental Washington Seed Fund, and board members. The company also announced the appointment of Sectoral Asset Management’s Michael Sjöström and Marc-André Marcotte to its board of directors.
CurvaFix plans to use the proceeds from the financing to support completing the RESTORE Clinical Study and beginning commercialization activities.
“We believe the CurvaFix® Rodscrew System will enable a fundamental advance in the way orthopedic patients with fractures in curved bones are treated and we look forward to supporting this team as they progress in the clinic and begin commercial activities,” said Michael Sjöström, senior partner of Sectoral Asset Management. “This new device is designed for use in minimally invasive procedures in curved bones and may improve bone fixation and shorten surgeries.”
The company’s first implant is focused on improving outcomes and simplifying surgery for orthopedic trauma patients suffering from pelvic fractures. Limitations with straight screws and invasive bone plates can complicate surgical procedures and result in suboptimal bone fixation of the curved pelvis. The patented CurvaFix® Intramedullary Rodscrew is the first implant capable of following the natural bone curvature of the pelvis. Pelvic fractures affect more than 150,000 people per year in the U.S.1 Often caused by car accidents or falls, these fractures are among the most serious and technically complex injuries treated by orthopedic trauma surgeons.
“We are appreciative of this strong endorsement from the investment community and welcome Mr. Sjöström and Mr. Marcotte to our board,” said Steve Dimmer, chief executive officer of CurvaFix. “This financing validates our approach for developing a novel implantable device for curved bones beginning with pelvic trauma patients.”
The device has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for fixation of pelvic fractures and is currently the focus of the CurvaFix sponsored RESTORE Study. The RESTORE Study is gathering clinical evidence to support the CurvaFix System’s potential benefits for pelvic fracture patients in advance of a U.S. commercial launch.
About CurvaFix, Inc.
CurvaFix, Inc. is a privately held medical device company headquartered in Bellevue, Wash. CurvaFix is developing implantable products to improve fracture repair in curved bones. The company’s first product is the CurvaFix Intramedullary Rodscrew.
CurvaFix is a trademark of CurvaFix, Inc.
1 2014 HCUP database Part B Summary Data Files