MedShape Secures $11 Million in Financing

Atlanta, Ga.-based MedShape Inc., a developer of shape-memory orthopedic devices, has closed $11 million in new financing. According to company officials, the investment will help drive further development and marketing of pipeline products, including the full market release of the firm’s most recent device, the Eclipse soft-tissue anchor.

“This latest round of financing represents another significant milestone as MedShape continues its growth in the joint fusion and soft tissue repair segments,” said Kurt Jacobus, CEO of MedShape. “The launch of Eclipse indicates the company’s continued dedication towards advancing orthopedics by developing innovative devices using shape memory technology.”

Made out of MedShape’s proprietary PEEK (polyetheretherketone) Altera, Eclipse features a non-rotational deployment technique that allows surgeons to better replicate native soft-tissue anatomy and functionality, according to the company. Officials also noted that the two-part sheath-and-bullet design provides a “simplified insertion and improved fixation strength compared to traditional tenodesis screws.” The device is available in 4-9 millimeter diameters and 10-20 millimeter lengths, and accommodates numerous anatomies in tenodesis and tendon transfer procedures. PEEK Altera is biocompatible, biostable, radiolucent and MRI safe.

MedShape received U.S. Food and Drug Administration 510(k) clearance for Eclipse in March. Since August 2013, Eclipse has been under a controlled market release, available to a select group of surgeons. The first clinical use occurred on Aug. 5, with Grant Padley, M.D., successfully performing a proximal biceps repair at Arizona Spine and Joint Hospital in Mesa, Ariz. In addition, Eclipse has been successfully used in hand, knee, foot and ankle soft-tissue reconstruction procedures, the company reports.

“I prefer the Eclipse device over the implant I previously used for its ease of use,” said Padley. “Unlike traditional tenodesis devices that can rotate and lacerate the soft tissue, Eclipse’s sheath expansion method gives me the ability to place the soft tissue in the prepared bone tunnel and easily maintain the desired position throughout the procedure.”

MedShape is a privately held medical device company that uses its patented shape memory polymer and metal alloy technologies to develop sports medicine, joint fusion and musculoskeletal trauma products.