Fall River, MA, March 2, 2009 — NuOrtho Surgical, Inc. today announced it has closed $1 million in Series A financing from private investors and individuals familiar with the Orthopedic industry. The company plans to use the capital to file their 510k FDA application on their first product and prepare manufacturing capabilities for an early 2010 launch. Company founders are Dr. Wayne K. Auge II, Roy E. Morgan and Jeffrey W. Morrill, who all have experience in the surgical instrument arena (as a Surgeon and at Stryker & Johnson & Johnson respectfully).
NuOrtho is focused on Tissue Preservation in the Orthopedic arena to improve patient outcomes. The technology leverages a low level Radio Frequency energy to restore mobility in patients by preserving healthy tissue in many procedures done today designed for both soft and hard tissue. The company has 6 issued patents and several additional patents pending in the Tissue Preservation arena. Their first product is currently undergoing early stage validation testing. The device will contour and smooth articular cartilage that is fraying, has tears, or lesions that are inhibiting knee mobility.
Dr. Jeremy Stern, a leading orthopedic surgeon in Boston, comments the probe’s ability to contour cartilage without causing side effects (like necrosis – killing of healthy tissue) has tremendous commercial applications, “it will be the holy grail”.
NuOrtho has 12 patented products concepts for preserving healthy Tissue to sustain long-term mobility in our busy lives, particularly for Baby boomers. The Company has a game changing technology to fuse bone together, and ultimately the potential to replace screws and plates that are used in many procedures today (such as a simple ACL knee procedure). “The company has an outstanding business model to grow their Tissue Preservation platform. Their innovative product concepts have broad patient benefits that will clearly fill a void in the marketplace”, says company Advisor Chris Heye, Chief Marketing Office at Welch’s.
“Many of our investors are very knowledgeable of the orthopedic space and the need for our Tissue Preservation products. We are very fortunate to have such expertise in our investor base”, say Jeffrey Morrill, Nuortho’s President.
This is great news in an otherwise down economy. I hope to see more companies with the team and technology to raise money in the current environment.