Tamiami Angel Fund II, one of the largest angel funds in Florida, invested $930,000 in Catalyst OrthoScience, a Naples-based orthopedic medical-device company.
Catalyst OrthoScience recently created what company officials call a breakthrough product for shoulder-replacement surgery, according to a statement.
The device, the Catalyst CSR Shoulder System, is smaller and replicates the shape of a normal shoulder more closely than current shoulder-replacement devices, according to the statement. The device uses a new surgical approach to insert and requires less bone removal than current procedures for joint replacement. The U.S. Food and Drug Administration has cleared the use of the palm-sized device to treat osteoarthritis, rheumatoid arthritis and similar conditions through its 510(k) premarket submission process, the release adds.
Dr. Steven Goldberg, chief of the division of orthopedic surgery at Physicians Regional Healthcare System in Naples, founded Catalyst OrthoScience.
T2 was the lead investor in Catalyst OrthoScience's recently completed $3.3 million capital raise, its first significant round of funding from outside investors. “This is an exciting opportunity for us because it is a local company and it is our first investment in the life sciences sector,” says Timothy Cartwright, chairman of Naples-based Tamiami Angel Funds.
Tamiami Angel Funds invests in promising young companies on behalf of high-net-worth individuals and family offices. The investment in Catalyst OrthoScience is the 15th portfolio company in which the Tamami Angel Fund has invested, totaling nearly $9.5 million of funding in these early stage companies over the past five years.