OrthAlign Raises $10 Million To Fund Commercial Growth And Product Development
Published: Sep 27, 2017
Aliso Viejo, CA, Sept. 27, 2017 (GLOBE NEWSWIRE) -- OrthAlign, Inc., a leading provider of orthopedic surgical navigation solutions, announced today that the company has raised $10 million in a series D financing round. The investment will be used to fuel product development as the company expands from a solution provider for total knee surgery to a platform technology provider for total knee, partial knee, and total hip replacement surgeries. The funds will additionally be used to support continued commercial expansion through investments in hiring and key programs both in the U.S. and International markets.
OrthAlign manufactures and distributes its core technology, KneeAlign®, which is a computer-assisted navigation application for total knee replacement surgery. KneeAlign has powered more than 65,000 surgeries worldwide, and is clinically-supported by more than 15 peer-reviewed published studies. KneeAlign is well positioned as a perfect solution for the future of orthopedic surgery, delivering the accuracy and consistency that users demand while avoiding the unnecessary capital and recurring costs that large-console navigation and robotics bring to the healthcare market. Reducing instrumentation trays and delivering information directly into the surgeon’s hands, the KneeAlign technology is the only computer navigation platform that exists 100% within the sterile field. These same fundamental benefits continue to resonate with expansion into Uni and Hip applications.
“We are pleased to have completed our latest financing round to support our operational goals of strong revenue growth and application expansion,” said Eric B. Timko, Chairman and CEO of OrthAlign. “We continue to invest in developing KneeAlign because we see it as a key component of the total knee replacement technology landscape moving forward, especially considering the importance of delivering solutions in the ambulatory surgery center environment. But we are no longer a single-solution provider, and have rapidly expanded our commercial platform technology to include solutions for partial knee replacement with our UniAlign™ application. Our solution for total hip replacement, HipAlign®, supports both posterior- and direct anterior approaches and is currently in a limited user release with full-commercialization slated for 2018.”
“We are truly excited for the next phase of OrthAlign,” said Gary Henley, board member. “With a new management team in place, the company’s focus on expanding commercial footprint domestically and in key markets around the world, coupled with a focus on research and development, position the business for long-term success in this competitive marketplace.”
This latest financing round was led by existing investors River Cities Capital Funds, California Technology Ventures, Research Corporation Technologies and Mutual Capital Partners who show continued support for the company.
OrthAlign, Inc. is a privately held medical device and technology company, developing advanced technologies that deliver healthier and more pain-free lifestyles to joint replacement patients, globally. We provide healthcare professionals with cutting edge, computer-assisted surgical tools that seamlessly and cost-effectively deliver vital data and clinical results to optimize outcomes for our patients. For more information regarding OrthAlign, please visit www.orthalign.com or contact Adam Simone (firstname.lastname@example.org).
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/08b5bd49-88c3-4724-a71b-aface51b324d
Adam Simone OrthAlign, Inc. email@example.com