Arm's Reach

A Naples maker of an artificial shoulder has capped a strong year of market growth with $3 million in new investment capital to match a $3.3 million raise in 2016.

The company, Catalyst OrthoScience, will put a third of the new funds into increasing its inventory of the shoulder replacement device developed by Naples orthopedic surgeon Dr. Steven Goldberg. The remaining funds will go toward marketing, refining Goldberg's device and developing new related orthopedic devices, says Robert Kaufman, a veteran medical device industry executive who joined Catalyst OrthoScience as chairman last year. Kaufman was named CEO in August.

Through fall 2016, slightly more than a dozen implants of the shoulder arthroplasty device had been completed. Most of those operations were done by Goldberg, a Columbia University-trained physician and chief of the Division of Orthopedic Surgery at Physicians Regional Healthcare System in Naples. Little more than a year later, Goldberg and other orthopedic surgeons nationwide have done more than 300 device implants.