07 Oct Catalyst OrthoScience Announces $12.3 Million Oversubscribed Financing Round to Fuel Company Momentum in Shoulder Arthroplasty
Funding Will Support Continued Innovations and Market Growth as Demand for Archer™ Shoulder Systems Increases
NAPLES, Fla.–(BUSINESS WIRE)–Catalyst OrthoScience Inc. (Catalyst), a medical device company focused on the upper extremity orthopedics market, has raised $12.3 million in an oversubscribed Series D financing round led by River Cities Capital (River Cities) and Mutual Capital Partners (Mutual Capital).
“This funding round comes at a pivotal time for the Catalyst OrthoScience team,” said Brian K. Hutchison, chairman and CEO of Catalyst. “We are experiencing a significant period of growth, and this funding allows us to enhance our innovative product portfolio with further technological advancements in the shoulder arthroplasty space and expand our team across all areas.”
Catalyst has had an incredible year of growth with product introductions that address preoperative planning and reverse total shoulder arthroplasty – the fastest growing segment of the shoulder arthroplasty market. So far this year, Catalyst has:
- rebranded its product portfolio with the Archer family name,
- received FDA 510(k) clearance and began a limited launch for the Archer R1 Reverse Shoulder System and
- introduced its Archer 3D Targeting imaging software for its current product offerings.
Additionally, the Archer CSR Total Shoulder System, Catalyst’s stemless, ellipsoid anatomic system, has continued rapid adoption and growth. Today, the Archer shoulder systems have been used in more than 3,000 surgeries. The first patients are more than five years post-surgery with excellent clinical results.
“We are happy to support Catalyst’s significant momentum and advancing the efforts in shoulder arthroplasty,” said Carter McNabb, managing director at River Cities and a member of Catalyst’s board of directors.
Dentons US LLP acted as legal advisor for Catalyst in the transaction.
About Catalyst OrthoScience Inc.
Catalyst OrthoScience is disrupting the usual approaches to shoulder replacement surgery. Founded in 2014 by orthopedic surgeon Steven Goldberg, M.D., the company’s goal is to develop innovative medical solutions that make orthopedic surgery less invasive and more efficient for both surgeons and patients. The company has a growing portfolio of patents and pending patents on its distinctive surgical offerings. Headquartered in Naples, Fla., Catalyst products are available across the U.S. For more information, visit www.CatalystOrtho.com.
About River Cities Capital
River Cities is a growth equity firm building high-potential healthcare companies by leveraging the unique interplay of our segments of focus: medical device, healthcare services and healthcare IT. We are dedicated to investing on the right side of healthcare, growing companies that enable clinicians to improve the delivery of care and the experiences and outcomes for the patients. We seek to be a business partner first and a capital provider second, investing significant human capital to leverage our domain expertise, a network of healthcare thought leaders and deep relationships with health systems assembled over our 27-year history.
With more than $750 million of capital raised and a consistent track record of success, the firm has established itself as a preferred source of growth capital. We are actively seeking new portfolio companies for our $200M Fund VI. For more information, please visit www.rccf.com.
Wendy Crites Wacker, APR, CPRC
SOURCE: Business Wire, 8th October 2021