Navigation Links
ORTHOCON Announces Appointment of New CEO and $25 Million Series B Financing

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.


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.

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:
(Date:11/27/2015)... , ... November 27, 2015 , ... ProSidebar: Fashion ... Final Cut Pro X. With ProSidebar: Fasion, video editors can easily add an ... as a minimalist title opener. Utilize presets featuring self-animating drop zones, lines, bars, ...
(Date:11/27/2015)... ... November 27, 2015 , ... Intellitec Solutions announced today ... Group (MSDSLUG). Recognized as Microsoft’s official group for end users of Dynamics SL ... users, partners, industry experts and representatives. Intellitec Solutions’ membership status demonstrates their ongoing ...
(Date:11/27/2015)... Karnataka (PRWEB) , ... November 27, 2015 , ... ... world, Health-E-minds, an innovative online platform for mental health and wellness consultation, has ... , This partnership will bridge the knowledge gap experienced by parents and bring ...
(Date:11/27/2015)... ... 27, 2015 , ... Dr. Thomas Dunlap and Dr. Patrick ... Bierbaum with Emergency Medicine at St., Joseph Health System’s Santa Rosa Memorial Hospital ... present in similar ways and require time-critical intervention to avoid large area heart damage ...
(Date:11/26/2015)... ... November 26, 2015 , ... Patients at Serenity Point Recovery, ... together on Thanksgiving Day to share the things that they are most grateful ... Point YouTube channel, patients displayed what they wrote on index cards, describing the ...
Breaking Medicine News(10 mins):
(Date:11/27/2015)... DUBLIN , Nov. 27, 2015 Research ... of the "Global Intrauterine Devices Market 2015-2019" ... --> In this report, the author ... intrauterine devices market for 2015-2019. To calculate the market ... of following type of products: Hormonal IUDs and copper ...
(Date:11/26/2015)... 26, 2015 --> ... approach blends immunotherapy with Bremachlorin-photodynamic therapy for advanced cancer. ... blends immunotherapy with Bremachlorin-photodynamic therapy for advanced cancer. ... blends immunotherapy with Bremachlorin-photodynamic therapy for advanced cancer. ... found that immunotherapy can be efficiently combined with photodynamic ...
(Date:11/26/2015)... DUBLIN , Nov. 26, 2015 ... the addition of the "2016 Future Horizons ... Monitoring (TDM) Market: Supplier Shares, Country Segment Forecasts, ... offering. --> ... comprehensive analysis of the Japanese therapeutic drug monitoring ...
Breaking Medicine Technology: