MENLO PARK, Calif.–(BUSINESS WIRE)–Ceterix® Orthopaedics today announced that it has entered into a term loan agreement with CRG and certain of its affiliate funds, providing Ceterix with up to $35 million of available borrowing capacity.
“We are excited have further support to continue our mission to save the meniscus and improve the lives of patients suffering from knee injuries”
“We are excited have further support to continue our mission to save the meniscus and improve the lives of patients suffering from knee injuries,” said John McCutcheon, president and CEO of Ceterix Orthopaedics. “This flexible financing will allow us to continue expanding the possibilities of meniscus repair through additional investment in innovation and clinical research.”
“CRG is dedicated to providing growth capital to innovative commercial-stage healthcare companies,” said Charles Tate, Chairman of CRG. “We are excited to partner with Ceterix as the company continues to advance its new technologies and improve patient outcomes in the meniscal surgery space.”
Meniscus surgery is the single most common arthroscopic procedure in the United States, with roughly one million performed annually. Ceterix’s NovoStitch® suture passer is currently in use by more than 300 U.S. physicians.
The NovoStitch suture passer enables orthopaedic surgeons to treat complex injuries that have not been amenable to repair in the past by allowing the placement of a circumferential compression stitch in the knee meniscus, which is tightly surrounded by critical structures such as nerves, arteries and cartilage. The NovoStitch technology can also be utilized in minimally invasive hip and shoulder procedures.
