News
Scandius BioMedical Closes $8.0 Million in Series C Financing
Company’s Novel Technology Leads to Successful Round
For Release 9 a.m. EST
February 23, 2005
For more information, press only:
Jennifer A. Silverman
Director of Marketing
978-486-4088, x114
jsilverman@scandius.com
Littleton, MA — February 23, 2005 — Scandius BioMedical, Inc., an early stage medical device company focusing on the development of minimally invasive orthopaedic implants and surgical instruments, has raised $8.0 million through the private sale of Series C Preferred stock.
The financing was led by New York City - based Stockton Partners, Inc. Stockton, a
first time investor in the company, was also joined in the round by Scandius’ existing
investors, KBL Healthcare Ventures, NewSpring Healthcare, and Ivy Healthcare
Capital.
“This financing positions the company favorably as we gain continued visibility as a
leader in the Orthopedic Sports Medicine market. We are very pleased to have such
experienced healthcare investor partners as we continue to grow and broaden our
technology platform” said Mark A. Johanson, Founder, President and Chief Executive
Officer.
In November 2004, the company began commercial use of its debut product, the
Stratis™ ST ACL Reconstruction System. The Stratis device is used for arthroscopic
reconstruction of the torn anterior cruciate ligament, one of the most common sports
related orthopedic injuries.
Proceeds from the financing will be used for expansion of the company’s worldwide
sales and marketing network, continued research and development activities, and
working capital.
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Scandius BioMedical, Inc. is a privately held medical device company that designs,
manufactures and markets products for the orthopedic sports medicine market. The company
was founded in 2000 and is focused on accelerating innovative solutions for minimally invasive
orthopedic sports medicine procedures. For more information please visit us at
www.scandius.com.
Scandius is a registered trademark of Scandius BioMedical, Inc. Stratis is a trademark of Scandius BioMedical, Inc.
