11.03.14
Minneapolis, Minn.-based Blue Belt Technologies Inc. and CR Groups (CRG) has closed a senior secured term loan for up to $40 million in capital.
CRG Chairman Charles Tate called the investment opportunity “unique and compelling.” “Over the past few months, Blue Belt has executed co-marketing agreements with major players in the space (with more expected to follow), expanded its bench strength, released a new application and has significantly progressed in the development of new applications that fulfill unmet clinical needs in orthopedics,” he added.
Blue Belt President and CEO Eric B. Timko said the company’s focus would remain on “improving patient outcomes by delivering robotic assisted solutions for underserved clinical needs.” He added that the investment would enable Blue Belt to strengthen its partnerships in business and technology initiatives.
Blue Belt Technologies is an orthopedic surgical technology company with a focus on commercializing the next generation of robotic-assisted surgical tools. The company’s flagship product, the Navio surgical system, received CE mark and U.S. Food and Drug Administration 510(k) clearance in 2012 and has been commercial in the United States since Feb. 2013. The Navio system provides robotic-assistance for partial knee replacement procedures through proprietary CT-free navigation software and a unique hand held computer controlled bone shaping tool.
CRG Chairman Charles Tate called the investment opportunity “unique and compelling.” “Over the past few months, Blue Belt has executed co-marketing agreements with major players in the space (with more expected to follow), expanded its bench strength, released a new application and has significantly progressed in the development of new applications that fulfill unmet clinical needs in orthopedics,” he added.
Blue Belt President and CEO Eric B. Timko said the company’s focus would remain on “improving patient outcomes by delivering robotic assisted solutions for underserved clinical needs.” He added that the investment would enable Blue Belt to strengthen its partnerships in business and technology initiatives.
Blue Belt Technologies is an orthopedic surgical technology company with a focus on commercializing the next generation of robotic-assisted surgical tools. The company’s flagship product, the Navio surgical system, received CE mark and U.S. Food and Drug Administration 510(k) clearance in 2012 and has been commercial in the United States since Feb. 2013. The Navio system provides robotic-assistance for partial knee replacement procedures through proprietary CT-free navigation software and a unique hand held computer controlled bone shaping tool.