Previous investors Novo A/S, Versant Ventures and 5AM Ventures participated in the round, which also included debt financing from Silicon Valley Bank and Oxford Finance. Armentum Partners acted as financial advisor to Ceterix in the transaction.
The firm completed a $19.5 million series B financing in January last year.
The new funds, according to company officials, will be used to support expansion of novel surgical tools, which the company claims currently are used by more than 100 U.S. physicians. The technology is designed to allow surgeons to place stitches in tight joint compartments while protecting sensitive surrounding structures such as nerves, arteries and cartilage. The technology has applications in numerous procedures in knees, hips and shoulders.
In addition, the company announced the issuance of two key U.S. patents. The patents relate to methods of meniscaland soft-tissue repair with the company’s proprietary technology.
“These company milestones will allow us to accelerate our efforts to meet the significant need for better surgical outcomes for millions of patients undergoing knee, hip and shoulder procedures each year,” said John McCutcheon, Ceterix president and CEO. “We have been extremely pleased with physician response to our technology, which has exceeded expectations on every front, and look forward to expanding our reach to additional U.S. physicians and patients in the coming months.”
Founded in 2004, Menlo Park, Calif.-based Ceterix Orthopaedics develops surgical tools for physicians who treat soft-tissue injuries such as meniscus tears, hip and shoulder labrum tears, and rotator cuff tears.