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Miles
Km80.5

   

Scandius BioMedical, Inc. Closes $8.0 Million In Series C Financing


10/19/2005 5:12:48 PM

LITTLETON, Mass., Feb. 23 /PRNewswire/ -- Scandius BioMedical, Inc., an early stage medical device company focusing on the development of minimally invasive orthopaedic implants and surgical instruments, has raised $8.0 million through the private sale of Series C Preferred stock.

The financing was led by New York City - based Stockton Partners, Inc. Stockton, a first time investor in the company, was also joined in the round by Scandius' existing investors, KBL Healthcare Ventures, Commerce Health Ventures, and Ivy Healthcare Capital.

"This financing positions the company favorably as we gain continued visibility as a leader in the Orthopedic Sports Medicine market. We are very pleased to have such experienced healthcare investor partners as we continue to grow and broaden our technology platform," said Mark A. Johanson, Founder, President and Chief Executive Officer.

In November 2004, the company began commercial use of its debut product, the Stratis(TM) ST ACL Reconstruction System. The Stratis device is used for arthroscopic reconstruction of the torn anterior cruciate ligament, one of the most common sports related orthopedic injuries.

Proceeds from the financing will be used for expansion of the company's worldwide sales and marketing network, continued research and development activities, and working capital.

Scandius BioMedical, Inc. is a privately held medical device company that designs, manufactures and markets products for the orthopedic sports medicine market. The company was founded in 2000 and is focused on accelerating innovative solutions for minimally invasive orthopedic sports medicine procedures. For more information please visit us at http://www.scandius.com/.

Scandius is a registered trademark of Scandius BioMedical, Inc. Stratis is a trademark of Scandius BioMedical, Inc.

Scandius BioMedical, Inc.

CONTACT: Jennifer A. Silverman, Director of Marketing of ScandiusBioMedical, Inc., +1-978-486-4088, ext. 114, jsilverman@scandius.com



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