Rotation Medical Inc., a Plymouth, Minn.-based medical device company focused on developing new technologies to treat rotator cuff disease, completed a $12m Series B extension financing.
Existing investors New Enterprise Associates (NEA), Life Sciences Partners (LSP) and Pappas Ventures participated in the financing, which is fundable in two tranches: $8m initially and $4m 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 quickly.
Founded in 2009 and led by Martha Shadan, president and CEO, Rotation Medical provides a rotator cuff system, which has the potential to prevent rotator cuff disease progression and reduce re-tears by inducing the growth of new tendinous tissue.
The implant was cleared by the U.S. Food and Drug Administration in March 2014.