Blue Belt Technologies, Inc. Closes Series A Financing Funding to Advance Development and Release of Handheld, Computer Assisted Bone Cutting Device
Published: Sep 30, 2009
PITTSBURGH, Sept. 30 /PRNewswire/ -- Blue Belt Technologies, Inc., a Pittsburgh based medical device company developing the next generation of "smart" surgical instruments for use in orthopaedic and neurosurgery procedures, has closed on a $2.4 Million private equity Series A round of financing. The round was led by private investors and included the Pittsburgh Life Sciences Greenhouse and Innovation Works (Pittsburgh) and consisted of both new investments and the conversion of existing convertible notes.
"This investment will be used to finalize development and prepare for FDA submission of our core product, the Precision Freehand Sculptor, and will provide the resources necessary to prepare for full market release of our Orthopaedic and Neurosurgical products," said Craig S. Markovitz, Blue Belt Technologies, Inc. Chief Executive Officer. "We are pleased to have such an impressive group of investors and partners share our vision to provide a cost effective, highly capable solution for bone based computer assisted procedures."
"We continue to be impressed by Blue Belt's combination of innovative technology, passionate, experienced leadership and large market potential," said John W. Manzetti, PLSG President & CEO. "Blue Belt Technologies is a great example of the Pittsburgh Life Sciences Greenhouse model of taking technologies from Concept to Commercialization((TM) )and we look forward to the company's release into the Orthopaedic and Neurosurgical markets."
About Blue Belt Technologies, Inc.
Blue Belt Technologies, Inc., a Carnegie Mellon University spin off company, is developing the next generation of "smart" surgical instruments for use in orthopaedic and neurosurgery procedures. The company's patented Precision Freehand Sculptor (PFS) provides precise control to surgeons via an intelligent, handheld, computer assisted bone cutting tool. PFS provides the surgeon with a layer of safety and enhanced accuracy while performing bone shaping tasks through minimally invasive incisions. The Precision Freehand Sculpting (PFS) system utilizes a compact, handheld, intelligent tool to assist the surgeon in accurately cutting bone. Its control system monitors the position of the tool and adjusts the depth of cut (or disables cutting entirely) based on its proximity to bone that it should -- or should not -- remove.
Blue Belt Technologies, Inc. initially plans to release a computer assisted bone shaping product for spine, hip and knee based procedures via its "PFS Developers Kit" to allow existing surgical navigation platforms to integrate PFS capability seamlessly onto the estimated 8,000 navigation systems installed worldwide in a very cost effective manner. The Company is also developing an independent platform for other bone based procedures.
The Company is also a finalist for the Pittsburgh Technology Council's Tech 50 Awards recognizing Blue Belt Technologies, Inc. as one of southwestern Pennsylvania's most successful and innovative technology companies. The Company has also launched an updated website (www.bluebelttech.com), and has finalized its surgeon advisory board to include world renowned surgeons in both orthopaedics and neurosurgery.
About the Pittsburgh Life Sciences Greenhouse (PLSG)
The Pittsburgh Life Sciences Greenhouse (PLSG) provides capital investments and customized company formation and business growth services to western Pennsylvania's life sciences enterprises. The PLSG supports biosciences companies with promising innovations in the following concentrations: Biotechnology Tools, Diagnostics, Healthcare IT, Medical Devices and Therapeutics. The PLSG is propelling the sustainable growth of the region's life sciences economy by accelerating research and technology commercialization with seed and early-stage companies; connecting investors with their Investment Portfolio companies; expanding established life sciences ventures and relocating biomedical companies to Pennsylvania. www.plsg.com.
About Innovation Works (IW)
Innovation Works provides risk capital and business expertise to the most promising early-stage technology companies in Southwestern PA to help them grow and succeed. Innovation Works is one of the most active seed-stage investors in the country, having invested in more than 120 emerging technology companies since beginning their seed fund in 1999. Those companies have gone on to raise over $600 million in additional capital from a diverse set of VCs, private investors, strategic partners and other sources of capital. www.innovationworks.org.
SOURCE Blue Belt Technologies, Inc.
CONTACT: Lynn Banaszak Brusco for Blue Belt Technologies, +1-412-480-2835
Web site: http://www.plsg.com/