A New Jersey-based orthopaedic device manufacturer has secured $10 million in funding. Nextremity Solutions says the private placement will help accelerate its foot and ankle product portfolio and boost support of its pipeline. Editor's note:
The previous story listed Warsaw as the company's headquarters. At time of publication, Nextremity was based in New Jersey.
July 1, 2013
WARSAW, Ind. – Nextremity Solutions, a medical device manufacturer intensely focused on the foot and ankle segment of the orthopaedic market announced today that it has closed a private placement transaction for $10 million. The company, with offices in Red Bank, NJ and Warsaw, IN will utilize the infusion of capital in order to better serve surgeons by accelerating the growth of its existing product portfolio, and fueling a focus on its product pipeline.
While its investments span a variety of industries, the private investment firm has not typically focused in this space. When asked to comment on the decision to back Nextremity, its Vice President responsible for the transaction said this of their decision, “While our interest started with the belief we have in Mr. Mayer's leadership and experience, our decision was made after our diligence revealed such tremendous opportunity in the small bone segment of the orthopaedic extremity market, great surgeon and marketplace feedback regarding the strength of the product offering, and the strategic vision for product pipeline and growth. After each of these things was vetted, the most critical final ingredient for us is the strength of the management team.. We believe that Mr. Mayer has assembled the best in the industry in terms of tenure and talent, and will continue to do so with subsequent hires. It is clear that this is a company poised for success.”
Rod Mayer, President and CEO, had this to say about the funding: “I am extremely thankful to have reached this important financing milestone together, particularly as it is representative of the approach to business and life I hold to: we will be successful when we remain committed to building our business together, one relationship at a time. The relationship with our new investment partner was initiated in 2006 during my leadership tenure with a previous orthopedic start- up venture. Now 7 years later we have achieved our goal of one day working together.”
The funding was met with a resounding approval from Nextremity Solutions' Board of Directors and shareholders.
About Nextremity Solutions
Nextremity Solutions started with the vision of its two founding orthopaedic surgeons, Lon Weiner MD and Stuart Katchis MD. Understanding first hand the importance of achieving precise and repeatable outcomes in orthopaedic foot and ankle surgery, they sought to advance foot and ankle surgery by first returning to the principles of orthopaedic surgery: compression, stability, repeatability and predictability. Its flagship product, the Nextra interbody fusion device for hammertoe correction surgery, is the only two piece metallic fully reversible implant of its kind. It has gained its acceptance in the market through applying these principles for the success of the surgeon and the good of the patient.
Source: Nextremity Solutions