Conventus Orthopaedics announced the completion of a $24 million Series AA equity round of funding.
Conventus intends to use the funding to accelerate product commercialization and invest in new research and development.
Conventus’ patented, proprietary technology provides clinicians with 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 2014.
Conventus will use the funding to support the clinical activities and commercial launch of Conventus DRS, a FDA-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 R&D for new indications such as conditions in the lower extremity.
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