Active Implants Corporation Closes $10 Million in Financing and Announces New Board Director
Published: Jun 03, 2009
MEMPHIS, Tenn.--(BUSINESS WIRE)--Active Implants Corporation (AIC), a pioneer of advanced polymer technology for the hip and knee segments of the orthopaedic market, today announced it has raised $10 million in its Series C Preferred Stock offering and has appointed Charles E. Martin to its Board of Directors.
Michael R. Mainelli, Jr., President and Chief Executive Officer of AIC, said, “This new financing enhances our ability to move forward toward achieving our development, clinical, regulatory, and early commercialization milestones.” On the election of Martin to the Board, he added, “Charles will be a tremendous asset to the Board composition. His exceptional business acumen will strengthen our strategic planning to help us achieve our business objectives.”
Mr. Martin’s experience crosses multiple industries including healthcare technology and services, institutional investment management and software development. Martin is the recent past Chairman and Chief Executive Officer and a current director of Zephyr Associates, a financial services software development firm. He was the past Chairman and Chief Executive Officer of Third Party Solutions, Inc. and DirectComp Rx, both national healthcare service companies. Additionally, Martin currently serves on the boards of Niman Ranch, Inc., Sioux-Preme Packing Co., and Baker Manufacturing Company and is a member of the advisory board of Plaza Belmont Fund II. He is the President and an owner of Wilson Capital Partners and is the Chief Executive Officer of Marker Capital and Marker Family Office Group. Martin received both his bachelor’s and master’s degrees in business administration from Georgia State University.
Mr. Martin joins an experienced AIC Board that includes Chairman Jack R. Blair, a past Group President of Smith & Nephew and former Chairman of DJ Orthopedics, James D. Lackie, founder and President of Lackie Trading, Inc., Amiram Steinberg, founder and key inventor of the AIC polymer technology, and Henry Klyce, founder, president/CEO and Chairman of St. Francis Medical Technologies and founder, president/CEO of Spartek Medical, Inc. Last month AIC announced the appointment of Michael Mainelli, a former President of Stryker Spine and President of Stryker Japan, as its new President and CEO. Mr. Mainelli also serves as a member of the Board of Directors.
Active Implants Corporation, a privately-held company with headquarters in Memphis, Tenn., is incorporating proven medical grade polycarbonate urethane technology into innovative orthopaedic products through its TriboFit® Hip and NUsurface® Implant systems. For more information visit: www.activeimplants.com