– USA, MI – Shoulder Innovations, an emerging leader in the development of shoulder replacement systems, today announced that it has closed an oversubscribed $21.6 million equity financing led by US Venture Partners together with Lightstone Ventures, and also including participation from Alumni Venture Partners, Wakestream Ventures, Biosciences Research, and Commercialization Center of Western Michigan University, Invest Michigan, and the Michigan Angel Fund, among others.
Concurrent with the financing, the Board of Directors has been expanded to six members, including Kevin Sidow and Paul Buckman as independent directors, alongside Casey Tansey of USVP and Mike Carusi of Lightstone Ventures joining as board representing Series C shareholders.
Rob Ball and Matt Ahearn will remain on the board representing Series A and B shareholders.
Founded in 2009 by Dr. Stephen Gunther, MD, and Mike DeVries of EDF Ventures, Shoulder Innovations set out to develop a glenoid technology fixation solution for anatomic shoulder arthroplasty.
Publication of almost 10-year clinical outcomes of SI’s innovative InSetTM glenoid product served to increase interest and commercial acceleration of the product.
“When I first conceived of the InSetTM glenoid years ago, I knew it would solve the problem of glenoid loosening. We now have the science and the commercial success to back it up,” said Dr. Stephen Gunther, founder, and inventor of the InSetTM technology.
With five FDA 510k clearances granted and several additional products presently going through the FDA clearance process, the funds will primarily be allocated to product development and broadening commercialization of a full platform of shoulder replacement products.
“What’s exciting about the shoulder replacement market is that we are still solving surgical challenges that result in tangible improvements in patient lives. The innovations we’ve produced at SI represent a step function improvement in both surgical technique and product design. We’re looking forward to seeing these improvements and the resulting positive impact on patient lives,” said Don Running, head of R&D.
“With a full platform of products, Shoulder Innovations is in a position to accelerate its impact on the shoulder replacement market. We are proud of our partnerships with USVP, Lightstone, and AVP, which have put SI on a financial foundation that will drive high growth rates,” said Matt Ahearn, COO for the company.
Dave Blue, CCO for SI said, “I’m excited about the feedback we receive on our innovative products, especially our InSetTM glenoid and InSetTM humeral stem. I am confident that surgeons will embrace these products in combination with our future products.”
“Shoulder Innovations, together with our surgeon partners, have been hard at work building a highly innovative, world-class product line for shoulder replacement built on unmatched innovation and sound clinical thinking. This financing comes at the perfect time to deploy our new products in an exciting market, driven by a high-performance team of experienced professionals. I couldn’t be more excited about where we can take this,” said Rob Ball, CEO of Shoulder Innovations.
About Shoulder Innovations:
Shoulder Innovations, LLC is a medical device development company that designs and commercializes innovative products which demonstrate the potential for improved patient care and reduced overall cost to the healthcare system.
Leveraging its breakthrough, patented, InSetTM glenoid design, Shoulder Innovations is commercializing a shoulder replacement implant system focused on improving outcomes related to the greatest cause of shoulder replacement failure: glenoid loosening.
The InSetTM technology has been shown in testing to significantly reduce glenoid implant micro-motion and simplify the surgical technique, potentially reducing complications or increasing implant longevity. Shoulder Innovations is based in Holland, Mich.
This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in any offering of securities. There will not be any sale of any securities in any state or jurisdiction in which such offering, sale, or solicitation would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.
For more information: https://shoulderinnovations.com/
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