AKRON, Ohio — OrthoHelix Surgical Designs — which creates plates, screws, washers and other tools and devices for hand and foot reconstructive surgery — has raised $2 million to increase its advertising and sell in more states.
Investors have an option to invest another $3 million by Oct. 1, according to the company’s recent filing with the Securities and Exchange Commission. Chief Executive Dennis Stripe said he expects to receive that funding.
“Our business has started to grow very well, and we wanted to build additional inventory so we could expand sales beyond 25 states,” Stripe said. By year’s end, OrthoHelix expects to be selling in about 40 states, Stripe said.
The $2 million was added to a $7.3 million round OrthoHelix raised in May 2008 soon after U.S. Food and Drug Administration approved its Modular Foot System: a collection of almost 100 plates, screws and surgical instruments for hand, wrist, foot and ankle surgeries. The company has since then continued to add pieces to cover more bones in the body, Stripe said.