Bonovo Orthopedics, Inc., a Scottsdale, Arizona-based provider of orthopedic products to the Chinese healthcare market, closed a US$10m Series C financing.
The round, which brings the total capital raised by the company to US$16.5m,
was led by OrbiMed Asia Partners, with participation from Legend Capital and Bonovo’s existing shareholders.
The company intends to use the funds to expand its Chinese sales platform and accelerate product development programs.
In conjunction with the funding, Dr. Jonathan Wang, Senior Managing Director of OrbiMed Asia, has joined the company’s Board of Directors.
Formed in July of 2008 through the merger of three China-based companies, and led by CEO Peter Slate, Bonovo manufactures and distributes orthopedic implants and other orthopedic products for the Chinese healthcare market.
Its product line includes spinal implants, artificial joints, pain management and minimally invasive surgical solutions. The company distributes proprietary products under brands including ALPS®, Great Wall® and NovoplastyTM, and serves as the exclusive China distribution partner for international companies, such as NuVasive, Pioneer Surgical Technologies and Japan Medical Materials.
Bonovo has ISO-certified manufacturing facilities and offices located in Beijing and throughout China.