An Annapolis medical device company has raised $2.3 million, which it plans to use to develop shoulder and knee implants.
Suspension Orthopaedic Solutions received the money from two wealthy investors in Maryland and New York, CEO Dr. Jeffrey Gelfand said in an interview.
He declined to name the investors.
The money comes as life sciences companies see an uptick in funding as investors have more confidence in the economy. In Maryland, Washington, D.C., and Virginia, venture capital firms invested $14 million in biotech companies, a 16 percent increase compared with last year.
Suspension Orthopaedic will bring its first two markets by mid-2010, said Gelfand, an orthopedic surgeon. A one-year-old company, Suspension Orthopaedic employs three.