Financial

Paragon 28 Completes Series B Financing with Piper Sandler Merchant Banking and MVM Partners

ENGLEWOOD, Colo., Aug. 14, 2020 /PRNewswire/ — Paragon 28, Inc., a leading orthopedic foot and ankle company, today announced the completion of a Series B financing.  The round was co-led by Piper Sandler Merchant Banking, a commercial stage growth equity investment business of Piper Sandler Companies, and MVM Partners, a healthcare growth equity investment firm.  The financing also included participation from an existing Series A investor.

The new financing will support Paragon 28’s ongoing initiatives to develop and launch new products, including the recently FDA cleared APEX 3DTM Total Ankle Replacement System, as well as continued commercial expansion in the US and international markets.

Albert DaCosta, President and CEO of Paragon 28, commented “We are pleased to add this capital to our balance sheet and equally excited about the partnership.  The Series B proceeds will enable our team to focus on the best growth opportunities and expand our market position.  To close this round on the tenth anniversary of the company is a special moment for our team.”   

Tom Schnettler, managing director with Piper Sandler Merchant Banking, noted “The team at Paragon 28 has brought tremendous focus and innovation to the foot and ankle segment, an area of the orthopedics market that is growing rapidly and traditionally has been under-served.  The company’s innovative solutions and extensive product line benefit surgeons and patients in addressing even the most difficult foot and ankle conditions.  We are excited to partner with Paragon 28 and support the company’s mission to innovate and improve foot and ankle surgical outcomes.” 

Kevin Cheng, a partner at MVM, added “The foot and ankle segment of orthopedics is a relatively new surgical specialty.  Paragon 28 is relentlessly focused on improving procedures through an extensive array of novel products that are specifically engineered for lower extremities.  We are impressed by the advancements that the Paragon team has made, and we are delighted with the opportunity to support the business through its next phase of growth.”

About Paragon 28, Inc.

Paragon 28, Inc. was established in 2010 to address the unmet and under-served needs of the foot and ankle community.  From the onset, Paragon 28’s goal has been to re-invent the space of foot and ankle surgery.  Through research and innovation, the company creates new and improved solutions to the challenges faced by foot and ankle specialists.

About Piper Sandler Merchant Banking

Piper Sandler Merchant Banking (PSMB) is a part of the asset management business of Piper Sandler Companies (NYSE: PIPR) and operates as a private equity arm of the firm.  The group seeks investments in private, commercial stage businesses with strong growth prospects within the industry sectors covered by Piper Sandler equity research and investment banking resources.  PSMB provides investment advisory services through the affiliated Registered Investment Advisor, PSC Capital Partners LLC.

About MVM Partners

MVM has been investing in innovative, high growth healthcare businesses since 1997.  MVM has a broad investment remit across medical technology, diagnostics, and pharmaceuticals in private deals and quoted companies.  In aggregate, MVM has raised investment vehicles totaling over $1 billion which are managed from offices in Boston and London.

For more information visit www.paragon28.com

Contact: Brendan Shook, bshook@paragon28.com 

SOURCE Paragon 28, Inc.

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Chris J. Stewart

Chris currently serves as Chief Executive Officer of Surgio Health as well as COO at Ortho Spine Partners. Chris has close to 20 years of healthcare management experience with an infinity to improve healthcare delivery through the development and implementation of innovative solutions that solve real problems that result in improved efficiencies, reduction of unnecessary financial & clinical variation, and help drive better patient outcomes. Previously, Chris was assistant vice president and business unit leader for HPG/HCA. He has presented at numerous healthcare forums on topics that include disruptive innovation, physician engagement, shifting reimbursement models, cost per clinical episode and the future of supply chain delivery.

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