MINNEAPOLIS, April 30,
2024 /PRNewswire/ -- Integrity Orthopaedics, Inc., a
company pioneering next generation solutions for soft tissue
repair, has successfully closed on a Series B financing of
$20.6 million. The financing was
co-led by Piper Sandler Merchant Banking and an undisclosed
existing investor. The company intends to use the capital to expand
the US commercial launch of its initial product in the rotator cuff
repair market. This milestone advances the company's vision of
revolutionizing soft tissue repair with its patented technology,
aiming for stronger surgical repair and enhanced long-term
healing.
Integrity Orthopaedics was co-founded in 2020 by Thomas Westling, a veteran executive in medtech
and previously Founder and CEO of Rotation Medical, David Crompton, Chief IP and General Counsel,
and distinguished orthopaedic surgeons Dr. Patrick Connor, Dr. Howard Harris, and Dr. Marc Labbe.
"We are pleased to co-lead the Series B financing," said
Tom Schnettler, Managing Director,
Piper Sandler Merchant Banking. "Tom
Westling is a proven entrepreneur and outstanding biomedical
engineer. We see significant opportunities for Integrity
Orthopaedics to transform the rotator cuff repair space, with the
potential for this system to become a platform technology with
broad applicability for soft tissue repairs across the human
body."
"We are grateful for the support of our shareholders, who we
view as a strategic asset," stated Thomas
Westling, Co-Founder and Chief Executive Officer of
Integrity Orthopaedics. "We have been blessed with an extraordinary
set of investors, many with deep health care expertise and
connections throughout the health care ecosystem, and they have
consistently given us valuable counsel since our founding."
The Integrity Orthopaedics system is designed to address the
biggest unmet need in rotator cuff repairs, reducing the occurrence
of cuff re-tears following surgical repair. Current surgical
techniques have a structural failure rate that typically averages
20-40%, with rates ranging from 8-94% in specific studies (Young,
et al., 2023).
The Integrity Orthopaedics system was FDA cleared in early 2023
and initially utilized by a small group of surgeons in a limited
launch. This system uses patented micro-anchors, a continuous,
locking stitch, a patented instrument for anchor installation and
unique operative techniques to enable physicians to dramatically
improve the fixation and healing of torn tendons. The Company has
begun a paced expansion of its field sales team, with the goal of
working with innovative orthopedists in select markets throughout
the country. This roll out is expected to broaden over time, as the
Company ramps up its staffing, production volumes and physician
education resources.
"The keys to maximizing the environment for rotator cuff healing
are a strong initial repair coupled with a technique that allows
the tendon access to the patient's biology for long-term healing,"
said Dr. Patrick Connor, orthopaedic
shoulder surgeon at OrthoCarolina in Charlotte, Chief of Sports
Medicine and Shoulder & Elbow Surgery at Atrium Health, and
Co-Founder of Integrity Orthopedics. "This technology achieves both
goals with more fixation points than any other solution on the
market. My experience using this device has shown that it not only
creates a more consistent and efficient repair than other
techniques, it also uniquely improves both the strength and the
overall healing environment at the time of surgery. Based on the
substantial increased strength of the repair and restoration of the
entire rotator cuff footprint, surgeons may be more comfortable
reducing postoperative sling immobilization for their patients
which will lead to their faster and more complete recovery."
About Integrity Orthopaedics
Integrity Orthopaedics is committed to redefining the landscape
of soft tissue repair. Its initial focus is on revolutionizing the
approach to rotator cuff repair, overcoming limitations of
traditional techniques by enabling robust initial repair strength
while fostering an optimal environment for healing. The company was
founded in 2020 and is headquartered in Maple Plain, MN.
www.integrity-ortho.com
About Piper Sandler Merchant Banking
Piper Sandler Merchant Banking (PSMB) is the growth equity
investment arm of Piper Sandler Companies (NYSE: PIPR). The
PSMB team strives to partner with founders and CEOs of growing,
commercial stage businesses that can benefit by
leveraging Piper Sandler's knowledge, experience, capital
and relationships to build market leading enterprises. PSMB
provides investment advisory services through the affiliated
registered investment adviser, PSC Capital Partners LLC. Learn
more about Piper Sandler Merchant Banking.
References:
Young BL, Bitzer A, Odum S, Hamid N, Shiffern S, Connor PM.
Healthcare costs of failed rotator cuff repairs. JSES Rev Rep Tech.
2023 Apr 25;3(3):318-323.
Contact:
Michael
Rodriguez
Director of Marketing & Sales Operations
MRodriguez@integrity-ortho.com
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SOURCE Integrity Orthopaedics