Shoulder Innovations closed an oversubscribed $21.6 million equity financing. Funds will primarily support product development and broadening commercialization of a full platform of shoulder replacement products.
The company has developed a glenoid technology fixation solution for anatomic shoulder arthroplasty, including the InSet™ Glenoid (pictured above). The company has secured issued patents and FDA 510(k) clearance for its technology, and provided evidence to the surgical community through publication of multiple peer-reviewed publications. In 2015, Shoulder Innovations partnered with Genesis Innovation Group for financial capital and operational leadership to commercialize the technology. In 2016, Shoulder Innovations reported the first commercial sale of the InSet glenoid.
"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 [Shoulder Innovations] 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 Research & Development.