Ceterix Orthopaedics Inc. raised $18 million in a new round of funding, including venture capital and debt financing, to expand the market for its minimally invasive surgical tools.
Previous investors Novo A/S, Versant Ventures and 5AM Ventures participated in the venture round, while Silicon Valley Bank and Oxford Finance supplied debt financing.
The Menlo Park company, led by President and CEO John McCutcheon, did not say how much venture cash or debt was raised and did not disclose terms.
Ceterix will use the cash for the commercial expansion of its products that enable surgeons to place stitches in tight joint compartments like the knee, hip and shoulder.
Formerly known as SuturePro Technologies, Ceterix last year rolled out its first product, aimed initially at helping doctors fix tears of the knee’s meniscus, for example, rather than removing the rubbery cartilage and potentially damaging nerves and other structures. It said more than 100 physicians in the United States use the tools.
Ceterix landed a $19.5 million Series B investment early last year from Novo, Versant and 5AM.
