Waypoint Orthopedics Raises $1.7 Million in New Financing
MALVERN, Pa., September 28, 2021 (Newswire.com) – Waypoint Orthopedics, Inc., a spinal instrumentation company pioneering smarter and safer vertebral fixation, announced it had closed $1.7 million in financing, led by Runway Healthcare, LP, and participation from existing investors. Proceeds from the financing will enable Waypoint to complete the product development and regulatory pathways of its flagship product, the Waypoint GPS™.
The Waypoint GPS™ (Guided Pedicle System) will enable physicians to see the color of the bone as they traverse through the pedicle in preparation for screw placement. The Waypoint GPS™ is a “smart” pedicle probe that utilizes proprietary color-sensing technology displayed wirelessly to an app-based operating system in real time — making vertebral fixation safer and more efficient for everyone in the operating room.
“We want to give physicians a better tool to cannulate the pedicle, reduce radiation exposure, increase their confidence in screw placement, and create a more efficient surgical environment for the entire staff. Surgeons exceed their lifetime radiation limits within the first 10 years of operating, and others in the OR — patients, nurses, techs, and reps — are all exposed as well,” stated Stephen P. Banco, M.D., co-founder of Waypoint Orthopedics. “This financing will provide resources to enable our incredibly talented team to finalize development of our Waypoint GPS™ and obtain clearance from the FDA.”
Runway Healthcare, LP, a healthcare accelerator, led this round and has a majority ownership position in the company. Jeffrey F. O’Donnell, Sr., General Partner of Runway Healthcare and Chairman of the Board of Waypoint Orthopedics, stated, “The progress that the Waypoint team has made is impressive. This technology is enabling and will provide surgeons with the guidance they need to assure safety and efficacy.”
The remainder of the financing was completed by Alere Financial Partners — a division of COVA Capital Partners, LLC.
About Waypoint Orthopedics:
Waypoint Orthopedics, Inc. was founded to make vertebral fixation safer and more efficient for the patient, surgeon, and support staff. Waypoint Orthopedics’ majority stockholder is Runway Healthcare, LP, a MedTech accelerator investment fund.
About Runway Healthcare, LP:
Runway Healthcare is an early-stage MedTech Accelerator focused on early-stage technology in the Orthopedic, Cardiovascular, and Neurology sectors. Runway finances and manages the product development process of its portfolio companies. Upon navigating a portfolio company through the regulatory process, Runway Healthcare will seek to transition the company’s ownership to larger multi-national healthcare companies for commercialization.
About Alere Financial Partners:
Alere offers corporate advisory services as well as investment banking and M&A solutions. Alere was founded in 2013 with the idea that “Less is More.” Rather than being a transactional bank, Alere is committed to seeking out and finding unrecognized value in the small and microcap space. Alere’s specialty is introducing those companies to “Mezzanine” funds. These are funds with long-term vision but have the flexibility and vision to invest in small, earlier-stage companies. These Mezzanine investors are critical for a company to successfully execute its business plan and creating stability and value in its currency.
Alere Financial Partners offers securities exclusively through COVA Capital Partners, LLC.
This press release contains “forward-looking statements” concerning the development of Waypoint Orthopedics products, the potential benefits and attributes of those products, and the company’s expectations regarding its prospects. Forward-looking statements are subject to risks, assumptions, and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Waypoint Orthopedics undertakes no obligation to update any forward-looking statements for any reason.
Source: Waypoint Orthopedics, Inc