A trio of venture capital firms have renewed their commitment to surgical tool maker Ceterix Orthopaedics through an $18m financing round.
Novo A/S, Versant Ventures and 5AM Ventures took part in the round, which also received debt financing from Silicon Valley Bank and Oxford Finance.
The company said it planned to use the funding to support commercial expansion of its surgical tools for arthroscopic procedures, which involve surgery on joints in the body.
Ceterix president and CEO John McCutcheon said, “These company milestones will allow us to accelerate our efforts to meet the significant need for better surgical outcomes for millions of patients undergoing knee, hip and shoulder procedures each year.
“We have been extremely pleased with physician response to our technology, which has exceeded expectations on every front, and look forward to expanding our reach to additional U.S. physicians and patients in the coming months.”
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