Shoulder Innovations (SI) an emerging leader in the development of shoulder replacement systems, announced today that it has closed an oversubscribed $21.6 million equity financing.
The fundraising, led by US Venture Partners together with Lightstone Ventures, also included participation by Alumni Venture Partners, Wakestream Ventures, Biosciences Research and Commercialization Center of Western Michigan University, Invest Michigan, and the Michigan Angel Fund, among others.
Founded in 2009 by Stephen B. Gunther, MD, and Mike DeVries of EDF Ventures, Shoulder Innovations set out to develop a glenoid technology fixation solution for anatomic shoulder arthroplasty.
For the five years that followed, Shoulder Innovations successfully secured meaningful issued patents, 510k clearance for the novel technology, and provided evidence to the surgical community through publication of multiple peer-reviewed publications.
In 2015, Genesis Innovation Group (Genesis) partnered with Shoulder Innovations to provide financial capital and operational leadership focused on commercializing the technology.
The following year, Shoulder Innovations was able to report its first commercial sale of the InSetTM glenoid. Continued investment led by Genesis and its cultivate(MD) Capital Funds, together with leadership from industry veterans, drove continued growth and innovation at the company.
With the close of the equity financing, the Board of Directors has been expanded to six members, including two independent board members. Casey Tansey of USVP and Mike Carusi of Lightstone Ventures will join the board representing Series C shareholders.
Rob Ball and Matt Ahearn will remain on the board representing Series A and B shareholders. Additionally, Kevin Sidow and Paul Buckman will join as independent directors, rounding out a highly experienced and broad knowledge base.
“With a full platform of products, Shoulder Innovations is in a position to accelerate its impact on the shoulder replacement market. We are proud of our partnerships with USVP, Lightstone, and AVP, which have put SI on a financial foundation that will drive high growth rates,” said Matt Ahearn, COO for the company.
Dave Blue, CCO for SI said, “I’m excited about the feedback we receive on our innovative products, especially our InSetTM glenoid and InSetTM humeral stem. I am confident that surgeons will embrace these products in combination with our future products.” – BusinessNewsAsia.com