Rotation Medical secures $27.2 million in oversubscribed Series B financing
Published on July 1, 2014 at 12:54 PM
Rotation Medical, a medical device company focused on developing new technologies to treat rotator cuff disease, today announced that it has secured $27.2 million in an oversubscribed Series B financing. Life Sciences Partners (LSP), a new investor, and New Enterprise Associates (NEA) co-led the financing, which also included new investor Pappas Ventures and others. Fouad Azzam, Ph.D., from LSP and Scott Weiner from Pappas Ventures will join the Rotation Medical Board of Directors. The funding will support the commercial launch and post-market clinical studies of the Rotation Medical rotator cuff system.
"Rotation Medical's technology has the potential to significantly advance current approaches to the treatment of rotator cuff disease - an area for which there is clearly an unmet clinical need," noted Dr. Fouad Azzam, General Partner at LSP. "In an environment that increasingly puts a premium on health care efficiency and effectiveness, we think Rotation Medical's technology and team are particularly well positioned to succeed."
Rotator cuff damage is the most common source of shoulder pain, affecting more than four million people annually in the U.S. Current approaches to repair procedures often do not address poor quality of the underlying tendon tissue, and a large number of repaired tendons deteriorate over time and become prone to re-tears. The Rotation Medical bioinductive implant is designed to address this limitation by inducing new tissue growth at the site of implantation, resulting in increased tendon thickness and healing of tendon defects with new tissue growth. The Rotation Medical rotator cuff system is comprised of a proprietary bioinductive implant and disposable instruments that allow for both mini-open and arthroscopic procedures. The company expects to launch the technology in the U.S. later this month.
"The support of this highly experienced investor base validates the significant opportunity to advance care of patients suffering from rotator cuff disease with the Rotation Medical technology," said Martha Shadan, CEO and President of Rotation Medical. "We are thrilled to be working with financial partners with such deep domain experience in the life sciences and healthcare and look forward to introducing our technology to clinicians in the next few weeks."