Globe Newswire10.11.21
Waypoint Orthopedics Inc., a spinal instrumentation company pioneering smarter and safer vertebral fixation, has closed $1.7 million in financing, led by Runway Healthcare LP, and participation from existing investors. Proceeds from the financing will enable the company to complete the product development and regulatory pathways of its flagship product, the Waypoint GPS.
The Waypoint GPS (Guided Pedicle System) will enable physicians to see the color of the bone as they traverse through the pedicle in preparation for screw placement. The Waypoint GPS is a "smart" pedicle probe that utilizes proprietary color-sensing technology displayed wirelessly to an app-based operating system in real time—making vertebral fixation safer and more efficient for everyone in the operating room.
"We want to give physicians a better tool to cannulate the pedicle, reduce radiation exposure, increase their confidence in screw placement, and create a more efficient surgical environment for the entire staff. Surgeons exceed their lifetime radiation limits within the first 10 years of operating, and others in the OR—patients, nurses, techs, and reps—are all exposed as well," stated Stephen P. Banco, M.D., co-founder of Waypoint Orthopedics. "This financing will provide resources to enable our incredibly talented team to finalize development of our Waypoint GPS and obtain clearance from the FDA."
Runway Healthcare LP, a healthcare accelerator, led this round and has a majority ownership position in the company. Jeffrey F. O'Donnell, Sr., general partner of Runway Healthcare and board chairman of Waypoint Orthopedics, stated, "The progress that the Waypoint team has made is impressive. This technology is enabling and will provide surgeons with the guidance they need to assure safety and efficacy."
The remainder of the financing was completed by Alere Financial Partners, a division of COVA Capital Partners LLC.
Waypoint Orthopedics Inc. was founded to make vertebral fixation safer and more efficient for the patient, surgeon, and support staff. Waypoint Orthopedics' majority stockholder is Runway Healthcare, a medtech accelerator investment fund.
The Waypoint GPS (Guided Pedicle System) will enable physicians to see the color of the bone as they traverse through the pedicle in preparation for screw placement. The Waypoint GPS is a "smart" pedicle probe that utilizes proprietary color-sensing technology displayed wirelessly to an app-based operating system in real time—making vertebral fixation safer and more efficient for everyone in the operating room.
"We want to give physicians a better tool to cannulate the pedicle, reduce radiation exposure, increase their confidence in screw placement, and create a more efficient surgical environment for the entire staff. Surgeons exceed their lifetime radiation limits within the first 10 years of operating, and others in the OR—patients, nurses, techs, and reps—are all exposed as well," stated Stephen P. Banco, M.D., co-founder of Waypoint Orthopedics. "This financing will provide resources to enable our incredibly talented team to finalize development of our Waypoint GPS and obtain clearance from the FDA."
Runway Healthcare LP, a healthcare accelerator, led this round and has a majority ownership position in the company. Jeffrey F. O'Donnell, Sr., general partner of Runway Healthcare and board chairman of Waypoint Orthopedics, stated, "The progress that the Waypoint team has made is impressive. This technology is enabling and will provide surgeons with the guidance they need to assure safety and efficacy."
The remainder of the financing was completed by Alere Financial Partners, a division of COVA Capital Partners LLC.
Waypoint Orthopedics Inc. was founded to make vertebral fixation safer and more efficient for the patient, surgeon, and support staff. Waypoint Orthopedics' majority stockholder is Runway Healthcare, a medtech accelerator investment fund.