Sam Brusco, Associate Editor04.30.24
Integrity Orthopaedics, a company specializing in next-gen soft tissue repair solutions, has closed a Series B financing of $20.6 million. The financing was co-led by Piper Sandler Merchant Banking and an undisclosed existing investor.
The company said it plans to use the capital to broaden commercial launch of its initial rotator cuff repair product in the U.S. The company has a vision of revolutionizing soft tissue repair with its patented technology, hoping for stronger surgical repair and better long-term healing.
Integrity Ortho’s system addresses the largest unmet need in rotator cuff repairs—reducing occurrence of cuff re-tears after surgical repair. Current surgical techniques experience an average 20-40% structural failure rate, with rates ranging from 8-94% in specific studies.
"We are pleased to co-lead the Series B financing," said Tom Schnettler, managing director, Piper Sandler Merchant Banking. "Tom Westling is a proven entrepreneur and outstanding biomedical engineer. We see significant opportunities for Integrity Orthopaedics to transform the rotator cuff repair space, with the potential for this system to become a platform technology with broad applicability for soft tissue repairs across the human body."
"We are grateful for the support of our shareholders, who we view as a strategic asset," added Thomas Westling, co-founder and CEO of Integrity Orthopaedics. "We have been blessed with an extraordinary set of investors, many with deep health care expertise and connections throughout the health care ecosystem, and they have consistently given us valuable counsel since our founding."
The Integrity Orthopaedics system was FDA cleared in early 2023 and first used by a small group of surgeons in a limited launch. The system uses patented micro-anchors, a continuous, locking stitch, a patented instrument for anchor installation, and unique operative techniques to enable physicians to dramatically improve the fixation and healing of torn tendons.
The company began a paced expansion of its field sales team, with the goal of working with orthopedists in select markets throughout the country. This roll out is expected to broaden over time, as the company ramps up its staffing, production volumes, and physician education resources.
The company said it plans to use the capital to broaden commercial launch of its initial rotator cuff repair product in the U.S. The company has a vision of revolutionizing soft tissue repair with its patented technology, hoping for stronger surgical repair and better long-term healing.
Integrity Ortho’s system addresses the largest unmet need in rotator cuff repairs—reducing occurrence of cuff re-tears after surgical repair. Current surgical techniques experience an average 20-40% structural failure rate, with rates ranging from 8-94% in specific studies.
"We are pleased to co-lead the Series B financing," said Tom Schnettler, managing director, Piper Sandler Merchant Banking. "Tom Westling is a proven entrepreneur and outstanding biomedical engineer. We see significant opportunities for Integrity Orthopaedics to transform the rotator cuff repair space, with the potential for this system to become a platform technology with broad applicability for soft tissue repairs across the human body."
"We are grateful for the support of our shareholders, who we view as a strategic asset," added Thomas Westling, co-founder and CEO of Integrity Orthopaedics. "We have been blessed with an extraordinary set of investors, many with deep health care expertise and connections throughout the health care ecosystem, and they have consistently given us valuable counsel since our founding."
More about the company and technology
Integrity Ortho was co-founded in 2020 by Westling, veteran executive in medtech and previously founder and CEO of Rotation Medical, David Crompton, Chief IP and General Counsel, and distinguished orthopedic surgeons Dr. Patrick Connor, Dr. Howard Harris, and Dr. Marc Labbe.The Integrity Orthopaedics system was FDA cleared in early 2023 and first used by a small group of surgeons in a limited launch. The system uses patented micro-anchors, a continuous, locking stitch, a patented instrument for anchor installation, and unique operative techniques to enable physicians to dramatically improve the fixation and healing of torn tendons.
The company began a paced expansion of its field sales team, with the goal of working with orthopedists in select markets throughout the country. This roll out is expected to broaden over time, as the company ramps up its staffing, production volumes, and physician education resources.