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Business Observer Tuesday, May 14, 2019 2 months ago

Medical device firm raises $12.7 million in funding round

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Upper extremity orthopedics innovator to use funding to finance growth initiatives.

NAPLES — Catalyst OrthoScience, a medical device company specializing on the upper extremity orthopedics market, has raised $12.7 million in an oversubscribed Series C-1 financing round led by River Cities Capital Funds.

“This funding will be instrumental in fueling rapid growth for Catalyst through increased inventory, expanded distribution and new product development,” says Brian Hutchison, chairman and CEO of Catalyst, in a statement. “The additional funding will allow us to enhance company infrastructure and hire additional talent to support our growth and to bring our novel approach to total shoulder arthroplasty to surgeons and their patients.”

Designed by surgeons for surgeons, the Catalyst CSR Total Shoulder System, add company officials, is a disruptive technology that represents the next innovation in shoulder surgery. The Catalyst CSR system has been used in more than 1,000 surgeries, and its first patients are more than two years post-surgery with successful clinical results.

The system has seen rapid adoption and is supported top key opinion leaders in the shoulder replacement market, the release adds. The surgical technique creates a unique, multiplanar chamfer cut on the humeral head that minimizes bone removal and preserves the strongest, densest bone for the humeral component fixation — similar to modern knee replacement. The precision of the system’s implants and instruments yields accurate and repeatable restoration of the native non-spherical anatomy, providing an attractive alternative to anatomic total shoulder replacement surgery.

Based in Naples, Catalyst was founded in 2014 by orthopedic surgeon Dr. Steven Goldberg, who saw the need to make shoulder replacement surgery less invasive and give patients a more natural-feeling shoulder after surgery. The company has a portfolio of 10 granted U.S. patents with several more pending nationally and internationally. 

Located in Cincinnati and Raleigh, N.C., River Cities Capital Funds is a growth equity firm that invests in high-potential health care and information technology companies.

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