05.07.15
Ceterix Orthopaedics today announced that it has entered into a term loan agreement with CRG, a healthcare-focused investment firm—for up to $35 million of available borrowing capacity.
Ceterix develops surgical tools for soft-tissue injuries such as meniscus tears, hip and shoulder labrum tears, and rotator cuff tears.
"We are excited have further support to continue our mission to save the meniscus and improve the lives of patients suffering from knee injuries," said John McCutcheon, president and CEO of Ceterix Orthopaedics. "This flexible financing will allow us to continue expanding the possibilities of meniscus repair through additional investment in innovation and clinical research."
Meniscus surgery is the single most common arthroscopic procedure in the United States, with roughly one million performed annually, according to figures cited by Ceterix. The company's NovoStitch suture passer currently is used by more than 300 U.S. physicians.
The NovoStitch suture passer allows orthopedic surgeons to treat complex injuries that have not been amenable to repair in the past by allowing the placement of a circumferential compression stitch in the knee meniscus, which is tightly surrounded by critical structures such as nerves, arteries and cartilage. The NovoStitch technology also can be used in minimally invasive hip and shoulder procedures. The NovoStitch suture passer is indicated for passing suture through soft tissue in orthopaedic surgery, though the specific indication of meniscal tears repair has not been cleared by the U.S. Food and Drug Administration.
"CRG is dedicated to providing growth capital to innovative commercial-stage healthcare companies," said Charles Tate, chairman of CRG. "We are excited to partner with Ceterix as the company continues to advance its new technologies and improve patient outcomes in the meniscal surgery space."
Ceterix was founded in 2010 and is based in Menlo Park, Calif. It is backed by investors Novo Ventures, Versant Ventures and 5AM Ventures.
Founded in 2003, CRG (previously known as Capital Royalty L.P.) has more than $2 billion of assets under management that provide capital to healthcare companies primarily through structured debt and senior secured loans. CRG is headquartered in Houston, Texas, with offices in Boulder, Colo., and New York, N.Y.
Ceterix develops surgical tools for soft-tissue injuries such as meniscus tears, hip and shoulder labrum tears, and rotator cuff tears.
"We are excited have further support to continue our mission to save the meniscus and improve the lives of patients suffering from knee injuries," said John McCutcheon, president and CEO of Ceterix Orthopaedics. "This flexible financing will allow us to continue expanding the possibilities of meniscus repair through additional investment in innovation and clinical research."
Meniscus surgery is the single most common arthroscopic procedure in the United States, with roughly one million performed annually, according to figures cited by Ceterix. The company's NovoStitch suture passer currently is used by more than 300 U.S. physicians.
The NovoStitch suture passer allows orthopedic surgeons to treat complex injuries that have not been amenable to repair in the past by allowing the placement of a circumferential compression stitch in the knee meniscus, which is tightly surrounded by critical structures such as nerves, arteries and cartilage. The NovoStitch technology also can be used in minimally invasive hip and shoulder procedures. The NovoStitch suture passer is indicated for passing suture through soft tissue in orthopaedic surgery, though the specific indication of meniscal tears repair has not been cleared by the U.S. Food and Drug Administration.
"CRG is dedicated to providing growth capital to innovative commercial-stage healthcare companies," said Charles Tate, chairman of CRG. "We are excited to partner with Ceterix as the company continues to advance its new technologies and improve patient outcomes in the meniscal surgery space."
Ceterix was founded in 2010 and is based in Menlo Park, Calif. It is backed by investors Novo Ventures, Versant Ventures and 5AM Ventures.
Founded in 2003, CRG (previously known as Capital Royalty L.P.) has more than $2 billion of assets under management that provide capital to healthcare companies primarily through structured debt and senior secured loans. CRG is headquartered in Houston, Texas, with offices in Boulder, Colo., and New York, N.Y.