NAPLES — Catalyst OrthoScience, a Naples-based medical device company focused on the upper extremity orthopedics market, has raised $12.3 million.
The Series D financing round was led by Cincinnati-based River Cities Capital and Mutual Capital Partners, according to a statement.
“This funding round comes at a pivotal time for the Catalyst OrthoScience team,” Catalyst CEO and Chairman Brian Hutchison says. “We are experiencing a significant period of growth, and this funding allows us to enhance our innovative product portfolio with further technological advancements in the shoulder arthroplasty space and expand our team across all areas.”
“We are happy to support Catalyst’s significant momentum and advancing the efforts in shoulder arthroplasty,” said Carter McNabb, managing director at River Cities and a member of Catalyst’s board of directors.
In addition to River Cities and Mutual Capital Partners, members of the Naples-based Tamiami Angel Fund IV invested $669,791 in the latest Catalyst OrthoScience funding raise. Together with prior investments from members of Tamiami Angel Funds II and III, the group has invested a total of $2.38 million in Catalyst OrthoScience, according to a seperate press release. That's the largest investment of any Tamiami portfolio company.
“When we launched the Tamiami Angel Funds over a decade ago, our goal was to identify and invest in promising Florida companies, and we are proud to say our largest investment to date is in our hometown,” says Timothy Cartwright, partner of Fifth Avenue Family Office and Chairman of Tamiami Angel Funds, in the statement.
The financing comes after some other successful milestones for the firm, including:
· Rebranded its product portfolio with the Archer family name.
· Received FDA 510(k) clearance and began a limited launch for the Archer R1 Reverse Shoulder System.
· Introduced its Archer 3D Targeting imaging software for its current product offerings.
Additionally, the Archer CSR Total Shoulder System, Catalyst’s stemless, ellipsoid anatomic system, has continued rapid adoption and growth, say company officials. Today, the Archer shoulder systems have been used in more than 3,000 surgeries. The first patients are more than five years post-surgery with excellent clinical results.
Founded in 2014 by orthopedic surgeon Dr. Steven Goldberg, Catalyst OrthoScience’s goal is to develop innovative medical solutions that make orthopedic surgery less invasive and more efficient for both surgeons and patients.