BELLEVUE, Wash.--(BUSINESS WIRE)--CurvaFix, Inc., a developer of medical devices to repair fractures in curved bones, today announced the close of a $39 million equity financing led by MVM Partners with participation from Sectoral Asset Management and other existing investors. The company also announced that Mark Foster has been named CEO, succeeding founder and current CEO Steve Dimmer, who will transition into a strategic advisory role.
Proceeds from the $39 million financing will be used to expand the treatment of Fragility Fractures of the Pelvis (FFP) throughout the U.S. and fundamentally change the course of care for these patients through the nationwide launch of the CurvaFix® IM Implant.
“CurvaFix's ability to benefit patients, physicians, and health systems, while simultaneously addressing the undertreated FFP segment makes CurvaFix a rare asset in the crowded world of orthopedics,” said Eric Fritz, MVM Partner. “We are thrilled to be involved and look forward to supporting the company’s next phase of growth.”
Foster is an experienced C-Suite executive with a broad background in the healthcare, medical device, and pharmaceutical industries. Before joining CurvaFix, Foster was president and CEO of Trice Medical, a leader in the field of minimally invasive orthopedic procedures. Formerly he was V.P. of U.S. Sports Medicine Business for Smith and Nephew and also held leadership roles at Boston Scientific.
“I have had the opportunity to observe the successful implementation and adoption of CurvaFix IM Implants in the orthopedic pelvic fracture fixation market, for which Steve has played a pivotal role in taking the company to this point,” Foster said. “I am looking forward to leading the CurvaFix team in scaling CurvaFix’s technology to benefit many more patients, physicians, and payers.”
“It has been a privilege to lead CurvaFix from concept through commercialization to where it is today, and I am honored to pass off the reins to Mark for this next exciting phase of CurvaFix’s growth,” said Dimmer.
About MVM Partners
MVM has invested in high-growth healthcare businesses since 1997. With teams in Boston and London, MVM has a broad, global investment outlook spanning medical technology, pharmaceuticals, diagnostics, contract research and manufacturing, digital health, and other sectors of healthcare. More information can be found at www.mvm.com.
About CurvaFix, Inc.
CurvaFix, Inc. is a privately held medical device company headquartered in Bellevue, Wash. The company is developing implantable products to improve fracture repair in curved bones and is focusing on Fragility Fractures of the Pelvis (FFP), high-energy and low-impact trauma pelvic fractures. The CurvaFix IM Implant has received 510(k) clearance from the U.S. Food & Drug Administration (FDA).