CyMedica Orthopedics™, Inc. announced today that it has closed an extension to its Series A financing. The Series A financing was led by investors Research Corporation Technologies, Inc., a Tucson-based venture capital firm, and California Technology Ventures, LLC, a Pasadena-based venture capital fund. The financing also included participation from existing investor Aphelion Capital (Mill Valley, CA) and the founding group of investors.
The company's first product, the CyMedica QB1™ system for the treatment of quadriceps muscle atrophy, was first shown at the AAOS meeting in March 2015. In April 2015, it received 510(k) clearance and was launched at the Arthroscopy Association of North American Arthroscopic Society for Sports Medicine (AANA) annual meeting in Los Angeles. Since launch, surgeons and patients have received the QB1 system enthusiastically across the United States.
The CyMedica QB1 allows the surgeon to combine three best-in-class products to allow the orthopedic surgeon to treat "every" patient like a professional athlete: a postoperative knee brace, a form-fitting conductive garment, and a user-friendly NMES control interface. The QB1 technology utilizes the first closed-loop power control system delivering high intensity electrical muscle stimulation to patients while maintaining comfort. The device substantially simplifies the delivery of at-home NMES treatment and encourages patient compliance.
"This successful round of financing will enable us to expand our sales and distribution footprint and further support the continued rollout of our QB1 System," said Rob Morocco, President and CEO of CyMedica Orthopedics. "We're excited to have the backing of an excellent group of strategic investors supporting us in building the organization and expanding the applications of our platform technology."
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