FORT WASHINGTON, Pa., March 21, 2011 /PRNewswire/ — Core
Essence Orthopaedics, Inc. (Core Essence), a Fort Washington,
Penn.-based orthopaedic device company, announced today it has
raised $11.5 million in Series B financing. Baird Venture Partners
led the round, joined by existing investor NewSpring Health
Capital, Robin Hood Ventures and other individual investors. The
funding, which follows a $5 million Series A round, will support
the commercialization of the company’s soft tissue and skeletal
repair devices.
Core Essence has developed a range of products targeting
high-volume, sports medicine procedures involving soft tissue and
skeletal repair of the extremities. The company’s products better
enable surgeons to perform minimally invasive arthroscopic and
endoscopic procedures, leading to higher success rates and lower
recovery times.
“We are excited about establishing this partnership with Baird
Venture Partners and the continued support we received from
existing investors,” said John Moran, CEO and Chairman of Core
Essence. “There is increasingly strong demand for innovative
solutions that maximize productivity and minimize complexity of
existing surgical techniques. This financing will help us continue
on the path toward meeting that demand.”
“Core Essence is targeting two of the highest growth segments
within the orthopaedic field today – extremities and sports
medicine,” said Pete Shagory, Partner at Baird Venture Partners.
“Core Essence’s novel product portfolio will enhance the ability of
surgeons to meet the growing needs of their patients while
providing them with the tools to achieve better outcomes.”
“We are excited to continue to support Core Essence and very
pleased to welcome Baird Venture Partners to the company,” said Zev
Scherl, a Core Essence Board member and a General Partner at
NewSpring Capital.
As part of the transaction, Shagory will join Core Essence’s
Board of Directors.
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