Rotation Medical Closes Latest Funding Round With $12M
Rotation Medical Inc. capped off its Series B extension financing round with an additional $4 million, the company said Tuesday, bringing the total to $12 million.
The Plymouth-based medtech company will receive the money in two parts: $8 million now and $4 million in 2017. Rotation said the proceeds will go toward the U.S. commercialization of its Rotator Cuff Repair System, which is a bioinductive implant that induces new tissue growth to improve recovery after experiencing rotator cuff damage.
“This additional investment in our company will allow us to expand our U.S. presence and continue to support the tremendous physician adoption we have experienced thus far,” said Rotation Medical CEO Martha Shadan in a statement.
Although the private company has not disclosed its revenue in any government filings, Rotation Medical has attracted plenty of investor interest. In a total of five funding rounds, the company has received over $53 million, according to CrunchBase.
About six months after its Rotator Cuff Repair System was cleared by the U.S. Food and Drug Administration, the company has “experienced rapid growth and very positive momentum,” according to Shadan.
In the U.S. alone, more than 4 million people annually are affected by rotator cuff damage, which is the most common source of shoulder pain. Rotation Medical claims its product is notably better than traditional approaches in treating degenerated or torn rotator cuffs, as those treatment plans can cause the rotator cuff to degenerate further and/or re-tear over time.