Navigation Links
ORTHOCON Announces Appointment of New CEO and $25 Million Series B Financing
Date:4/8/2009

NORTH BRUNSWICK¿ N.J.¿ April 8 /PRNewswire/ -- ORTHOCON¿ Inc. today announced that Paul R. Sohmer, M.D. has joined the company as President and Chief Executive Officer. The company also announced the closing of a $25 million round of financing led by top-tier healthcare investors.

ORTHOCON is developing innovative implantable devices that deliver therapeutics to bone. The Company's versatile technology platform may be leveraged to deliver a variety of therapeutic agents. ORTHOCON's lead product is a novel extended release local anesthetic bone hemostat designed to stop bleeding and to provide local pain relief. The Company expects to initiate a pivotal clinical trial with this product in the second half of 2009.

"I am thrilled to join the ORTHOCON team," said Dr. Sohmer. "I look forward to working with our management team and our investors to build our Company and to bring an array of novel products to market based on ORTHOCON's innovative platform technology."

ORTHOCON's $25 million financing was co-led by ProQuest Investments and Canaan Partners. The round also included significant participation from ORTHOCON's existing stockholder BB BIOTECH Ventures. Joyce Tsang, Ph.D., General Partner of ProQuest Investments and Dr. Sohmer both joined ORTHOCON's board of directors.

"ORTHOCON is a great late-stage company with the ideal combination of a promising technology platform, a leadership team with a proven track record and great syndicate partners," commented Joyce Tsang, Ph.D. "We believe now is the perfect time to back ORTHOCON and we are delighted to be part of the Company."

"The addition of Paul Sohmer to the team and the strengthening of the finances of the Company through ProQuest joining in this round mark a great milestone for the Company," said ORTHOCON's Chairman and Canaan Partners' board representative, Seth Rudnick, M.D. "With approved products and an advanced clinical program, ORTHOCON is poised for a breakout success."

Since its inception in 2005, ORTHOCON has raised $35 million in venture capital funding. Proceeds from the current financing will support the lead clinical program and additional pipeline development.

About Paul Sohmer, M.D.

Paul Sohmer brings to ORTHOCON a wealth of leadership experience in addition to a strong clinical background as a former practicing physician. He has served as CEO of both public and privately-held growth companies focused on medical devices, biotechnology and health care services. Most recently, Dr. Sohmer was Chairman of the Board, President and Chief Executive Officer of TriPath Imaging, Inc. (TPTH) which was acquired by Becton Dickinson and Company (BDX). Dr. Sohmer also served as President and Chief Executive Officer of Neuromedical Systems, Inc. (NSIX), a predecessor company of TriPath Imaging, and Genetrix, Inc., a genetic services company which was acquired by Genzyme Corporation (GENZ). Dr. Sohmer was named the Ernst and Young Carolinas Life Sciences Entrepreneur of the Year in 2005.

About ORTHOCON

ORTHOCON is an innovation driven company committed to developing and commercializing a growing portfolio of novel intraoperative implant devices for the local delivery of therapeutics to bone. ORTHOCON wholly owns its technology platform with exclusive rights to develop and commercialize its products in all countries worldwide.


'/>"/>
SOURCE ORTHOCON, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Mylan Announces Clarinex(R) Settlement Agreement
2. Aethlon Medical Announces CEO Interview and Corporate Presentation Available Online
3. Misonix Announces the Sale of Its Ultrasonic Laboratory Business for $3.5 Million to iSonix LLC
4. Lincoln Financial Group Announces Family Care Reimbursement Benefit Rider on LTD Policies
5. Shamir Optical Industry Ltd. Announces Receipt of Notice from Nasdaq of Noncompliance with Nasdaq Audit Committee Composition Requirements
6. UnitedLex Announces Strategic Alliance with Oval Ideas to Enable Superior Patent Analytics
7. Avineuro Pharmaceuticals, Inc. Announces Beginning of Phase I Clinical Studies of AVN-101, Potent Small Molecule for Treatment of Alzheimers Disease.
8. Health Career Agents Announces SBA Pre-Approval Program to Launch a Healthcare Recruiting Business
9. M2S Announces Agreement with AG Mednet to Provide Clinical Trial Sponsors with More Options for Efficient Image Transfer and Collection
10. Immucor Announces Fiscal Third Quarter Results
11. IGI Announces Portal Designed to Maximize Data Sharing Between Hospitals and Their Affiliated Physicians
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/24/2017)... ... ... Millions of families and businesses worldwide depend on high quality water from ... water. However, well water can also become contaminated with bacteria and odors from flood ... The EPA does not regulate private drinking water wells. Many states and towns do ...
(Date:9/24/2017)... ... ... “The Gospel Truth Of The Bible: The Other Sheep”: the ceremonial laws of Moses and ... Sheep” is the creation of published author, Maurice Caines. Maurice Caines resides in the ... been a member of the Seventh-day Adventist Church for many years. He was previously ...
(Date:9/22/2017)... ... 22, 2017 , ... MEDIA OPPORTUNITY: , Save Our Hospital - Albert Lea ... they are rallying against Mayo Clinic. Specifically, media can talk to steering committee members ... decision to close the Albert Lea hospital. , The rally aims to protect the ...
(Date:9/22/2017)... New York (PRWEB) , ... September 22, 2017 ... ... delivers and assembles Passive House buildings, and Richard Pedranti Architect (RPA), ... Passive House from the strategic partner’s Solsken Line of Model Homes . ...
(Date:9/22/2017)... ... 22, 2017 , ... Happy Living’s mission - to improve the health and ... the entertaining and delicious worlds of theatre and wines. , After watching Scott ... to turn his play into a book. The Greener The Grass ( https://www.happyliving.com/books/the-greener-the-grass ) ...
Breaking Medicine News(10 mins):
(Date:9/9/2017)... ... ... – Monday, September 18 th .The Brain Tumor Foundation (BTF) begins a ... public.Where:  BTF,s Mobile MRI Unit – a 70 ... D.C.What:BTF brings its nationwide initiative, the Road to Early Detection Sponsor-A-City Campaign ...
(Date:9/9/2017)... , Sept. 9, 2017  Eli Lilly and ... primary and secondary endpoint data for lasmiditan, an investigational, ... which demonstrated statistically significant improvements compared to placebo in ... highlighted today at the 18th Congress of the International ... "The data presented today demonstrate lasmiditan,s potential ...
(Date:9/7/2017)... RANCHO MIRAGE, Calif. , Sept. 7, 2017  For nearly two ... and service in the Assisted Reproduction Insurance industry. Today, New Life Agency ... expensive fertility medications. ... http://pharmacarecard.com/ (PRNewsfoto/PharmaCareCard) ... ...
Breaking Medicine Technology: