Conventus Orthopaedics Completes Series A Financing

Minneapolis, Minn.-based Conventus Orthopaedics, Inc., a medical device company that makes self-expanding implants that stabilize fracture fragments from within the bone, has completed a $24 million series A equity round of funding. Conventus intends to use the funding to accelerate product commercialization and invest in new research and development. The company’s patented, proprietary technology unique, self-expanding implants that stabilize fracture fragments from within the bone.

The new equity group includes Deerfield Management Company and Ally Bridge Group, joined by Sightline Partners, Spray Fund, Blue Stem Capital, BioStar Ventures and Blue Sky Fund. To date, Conventus Orthopaedics has raised $34 million, including a $10 million venture debt facility in April.

Conventus will use the funding to support the clinical activities and commercial launch of Conventus DRS, a U.S. Food and Drug Administration-cleared treatment for distal radius fractures shown to reduce surgical trauma by as much as 80 percent compared to traditional treatment options. The funding will also support commercialization of its Proximal Humerus PH fracture solution for the shoulder and accelerate research and development for new indications such as conditions in the lower extremity.

“This infusion significantly strengthens our ability to commercialize our existing products and develop new technologies to advance the treatment of complex fractures,” said CEO Paul Buckman. “We are delighted to have this distinguished equity group team up with Conventus and participate in the significant milestones that lie ahead.”

“The Conventus internal fixation platform has the potential to bring significantly better outcomes to several types of fractures, thereby shortening patients’ post-operative recovery and improving their resultant functioning. We look forward to working with the Conventus team in making these products available to surgeons and patients,” said Steven Hochberg of Deerfield Management Company.

Charles Chon, partner and managing director of Ally Bridge Group, said, “Conventus is advancing a novel implant modality that can meaningfully transform the way fractures are managed. We plan to leverage our resources in both the United States and Asia to help accelerate the development and commercialization of this breakthrough technology.”