OrthoSensor, the fast-growing Broward-based company that develops and commercializes intelligent orthopedics, has closed on $13 million in additional financing, bringing the company’s total Series B round to more than $48 million, the company announced this week.
Leading the round was Dignity Health, the fifth largest hospital provider in the United States, along with Ziegler Meditech Equity Partners and undisclosed strategic and angel investors. “This additional investment and continued confidence from our investors provides increased resources to maintain the rapid growth of our Verasense product line, as well as fund additional R&D, marketing and sales initiatives,” said Jay Pierce, president and CEO of OrthoSensor.
The FDA-cleared Verasense Knee System is a single-use device, priced under $500, that is used in total knee replacement procedures to provide surgeons with real-time, quantifiable data on implant placement, soft tissue balance and limb alignment, the company said. Verasense’s embedded sensors and wireless communication technology provide data that enables surgeons to make informed adjustments, reducing the incidence of revision surgeries. Earlier this month, OrthoSensor announced plans to launch the device in European markets after recently receiving government approval.
In the pipeline: OrthoSensor is working on developing tiny units that are placed in permanent implants and stay in the body after orthopedic surgeries. They would electronically transmit data to physicians and nurses on internal temperature, blood acidity levels and other indicators that can be used to detect infections and other complications.
OrthoSensor, founded in 2008, has 47 employees and is currently advertising 10 openings. Formerly based in Sunrise, the company is in the process of moving into new offices in the Design Centers of The Americas building in Dania Beach. Together with its Series A financing, the company has raised $52 million so far.