Conventus Secures $20M in Series C Funding Round
Maple Grove-based Conventus Orthopaedics Inc. announced on Tuesday that it had locked down $20 million in equity financing.
With the latest funding round, the early-stage medtech company has attracted nearly $95 million from investors over the last four years.
New York City-based health care investor Deerfield Management led the latest round, which included only funding from parties with existing stake in Conventus.
Founded in 2008, the company develops products serving patients with bone fractures. Its flagship product, The Conventus Cage, is made of nitinol, a memory shape alloy, and can be inserted into a fractured bone. From inside the bone, the Cage expands, creating a “rigid internal scaffold” that prevents further collapse of the fractured bone.
The FDA has cleared the device as a treatment option for shoulder, elbow and wrist fractures.
“The Cage is a truly innovative technology, poised to disrupt the orthopaedic trauma market,” said Avi Kometz, partner at Deerfield, in a statement. “The early clinical results have been outstanding, leading us to continue our long-term investment thesis in the company.”
In a release, Conventus did not disclose how the $20 million in new capital would be used. Conventus executive chairman Scott Flora, however, did echo Kometz’s statement, calling The Cage “the future of fracture repair.”
“We are pleased that our investor syndicate, led by Deerfield, share that vision and continue to provide financial support with a long-term view to realize the full potential of this technology,” Flora said.