Conventus Orthopaedics, Inc., a Maple Grove, MN-based global medical device company dedicated to fracture treatment, completed a $24m Series AA equity round of funding.
Backers included Deerfield Management Company and Ally Bridge Group, which were joined by Sightline Partners, Spray Fund, Blue Stem Capital, BioStar Ventures and Blue Sky Fund.
Led by Paul Buckman, chief executive officer, Conventus has developed patented, proprietary technology that provides clinicians with self-expanding implants that stabilize fracture fragments from within the bone.
The company, which to date has raised $34m including a $10m venture debt facility in April 2014, intends to use the funding to support the clinical activities and commercial launch of Conventus DRS™, a FDA-cleared treatment for distal radius fractures, commercialize its Proximal Humerus PH fracture solution for the shoulder and accelerate R&D for new indications such as conditions in the lower extremity.
FinSMEs
02/12/2014