Cayenne Medical Closes $12.7 Million Series B Financing
Cayenne Medical Closes $12.7 Million Series B Financing
Successful Round Follows FDA Clearance for AperFix™ System
February 13, 2007 – SCOTTSDALE, AZ – Cayenne Medical, Inc., a privately held sports medicine company based in Scottsdale, announced today that it is closing a $12.7 million Series B preferred equity financing led by Split Rock Partners. Other participating investors include MB Ventures and a group of accredited private individuals. The lead investor of the series B round was Dave Stassen of Split Rock Partners, who, with Mike Sherman of MB Ventures, has been added to Cayenne Medical’s Board of Directors.
The financing announcement follows on the heels of news that Cayenne has just received market clearance from the U.S. Food and Drug Administration (FDA) for its platform AperFix™ System for ACL reconstruction. AperFix™ enables surgeons to perform a revolutionary, five-minute surgical procedure resulting in total repair of the ACL.
“Cayenne is pleased to have secured this financing round with leadership from such a highly regarded venture capital firm as Split Rock Partners,” said James W. Hart, President and CEO of Cayenne Medical. “The continued support from our investors – new and existing – allows us to reach our business goals as we bring our newly FDA cleared AperFix™ System to market. We’re fortunate to work with firms such as Split Rock Partners and MB Ventures, and benefit greatly from their financial contributions as well as their operational business experience.”
Hart said that Cayenne has also just named Michael N. Moehring Cayenne’s Vice President of Sales. Prior to joining Cayenne Medical, Moehring was employed by ArthroCare Corporation (NASDQ: ARTC) for 10 years where he held senior sales positions, including, most recently, his role as Director of Sales for ArthroCare’s Spine division.
“With this successful round of financing,” added Hart, “plus our recent FDA clearance for AperFix™ and the arrival of Mike Moehring, the timing is perfect for a big launch of our technology at this year’s AAOS meeting.”
The AperFix™ System will see its official launch tomorrow at this year’s American Academy of Orthopaedic Surgeons (AAOS) Meeting in San Diego, California, the largest gathering of Orthopedic Surgeons in the world and an annual collection of exhibits and symposiums demonstrating the latest breakthroughs in the world of Orthopedics, among them Cayenne’s AperFix™ System.
The AperFix™ System, in a revolutionary, five-minute surgical procedure, provides active aperture compression and fixation with strong, rigid femoral and tibial implants made of polyetheretherketone (PEEK™). Cayenne’s inserter handles facilitate rapid delivery of strong, rigid implants while simultaneously tensioning the graft to reduce laxity. For surgeons, AperFix™ provides a complete yet simple solution for consistent, replicable results utilizing the hamstring and other soft tissue grafts.
About Cayenne Medical, Inc.
Based in Scottsdale, Arizona, Cayenne Medical is a privately held medical device company defining new technology for the soft tissue reconstruction segment of the sports medicine market. The company was founded in 2005 and is focused on leading the transformation of traditional ACL repair procedures by applying advanced technology through minimally invasive techniques.
