Navigation Links
Blue Belt Technologies, Inc. Closes Series A Financing
Date:9/30/2009

PITTSBURGH, Sept. 30 /PRNewswire/ -- Blue Belt Technologies, Inc., a Pittsburgh based medical device company developing the next generation of "smart" surgical instruments for use in orthopaedic and neurosurgery procedures, has closed on a $2.4 Million private equity Series A round of financing. The round was led by private investors and included the Pittsburgh Life Sciences Greenhouse and Innovation Works (Pittsburgh) and consisted of both new investments and the conversion of existing convertible notes.

"This investment will be used to finalize development and prepare for FDA submission of our core product, the Precision Freehand Sculptor, and will provide the resources necessary to prepare for full market release of our Orthopaedic and Neurosurgical products," said Craig S. Markovitz, Blue Belt Technologies, Inc. Chief Executive Officer. "We are pleased to have such an impressive group of investors and partners share our vision to provide a cost effective, highly capable solution for bone based computer assisted procedures."

"We continue to be impressed by Blue Belt's combination of innovative technology, passionate, experienced leadership and large market potential," said John W. Manzetti, PLSG President & CEO. "Blue Belt Technologies is a great example of the Pittsburgh Life Sciences Greenhouse model of taking technologies from Concept to Commercialization((TM) )and we look forward to the company's release into the Orthopaedic and Neurosurgical markets."

About Blue Belt Technologies, Inc.

Blue Belt Technologies, Inc., a Carnegie Mellon University spin off company, is developing the next generation of "smart" surgical instruments for use in orthopaedic and neurosurgery procedures. The company's patented Precision Freehand Sculptor (PFS) provides precise control to surgeons via an intelligent, handheld, computer assisted bone cutting tool. PFS provides the surgeon with a layer of safety and enhanced accuracy while performing bone shaping tasks through minimally invasive incisions. The Precision Freehand Sculpting (PFS) system utilizes a compact, handheld, intelligent tool to assist the surgeon in accurately cutting bone. Its control system monitors the position of the tool and adjusts the depth of cut (or disables cutting entirely) based on its proximity to bone that it should -- or should not -- remove.

Blue Belt Technologies, Inc. initially plans to release a computer assisted bone shaping product for spine, hip and knee based procedures via its "PFS Developers Kit" to allow existing surgical navigation platforms to integrate PFS capability seamlessly onto the estimated 8,000 navigation systems installed worldwide in a very cost effective manner. The Company is also developing an independent platform for other bone based procedures.

The Company is also a finalist for the Pittsburgh Technology Council's Tech 50 Awards recognizing Blue Belt Technologies, Inc. as one of southwestern Pennsylvania's most successful and innovative technology companies. The Company has also launched an updated website (www.bluebelttech.com), and has finalized its surgeon advisory board to include world renowned surgeons in both orthopaedics and neurosurgery.

About the Pittsburgh Life Sciences Greenhouse (PLSG)

The Pittsburgh Life Sciences Greenhouse (PLSG) provides capital investments and customized company formation and business growth services to western Pennsylvania's life sciences enterprises. The PLSG supports biosciences companies with promising innovations in the following concentrations: Biotechnology Tools, Diagnostics, Healthcare IT, Medical Devices and Therapeutics. The PLSG is propelling the sustainable growth of the region's life sciences economy by accelerating research and technology commercialization with seed and early-stage companies; connecting investors with their Investment Portfolio companies; expanding established life sciences ventures and relocating biomedical companies to Pennsylvania. www.plsg.com.

About Innovation Works (IW)

Innovation Works provides risk capital and business expertise to the most promising early-stage technology companies in Southwestern PA to help them grow and succeed. Innovation Works is one of the most active seed-stage investors in the country, having invested in more than 120 emerging technology companies since beginning their seed fund in 1999. Those companies have gone on to raise over $600 million in additional capital from a diverse set of VCs, private investors, strategic partners and other sources of capital. www.innovationworks.org.

SOURCE Blue Belt Technologies, Inc.


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

Related medicine technology :

1. ReBuilder Medical Technologies, Inc. Reports LOI With National DME Distributor
2. TriLink BioTechnologies, Inc. Announces Supply Agreement With Osmetech Molecular Diagnostics
3. Wound Management Technologies, Inc. Announces Conference Plans in Boston and Additional Clinical Research on CellerateRx(R)
4. Wound Management Technologies, Inc. Announces Agreement for Evidence Based Study for Diabetic Venous Ulcers
5. OxyBand Technologies, Inc. Hires a Leader in Medical Technology as Chief Technology Officer
6. Wound Management Technologies, Inc. Announces Evidence Based Study
7. Neurobiological Technologies, Inc. Presents Dosing Rationale for Viprinex(TM) (ancrod) at the European Stroke Conference
8. Neurobiological Technologies, Inc. and Buck Institute Partner to Develop Novel Treatment for Alzheimers Disease
9. Emisphere Technologies, Inc. Announces 2007 Third Quarter Financial Results
10. Palatin Technologies, Inc. Reports Initiation of Human Trials for the Treatment of Congestive Heart Failure
11. Rockwell Medical Technologies, Inc. Begins Dosing Patients for SFP Phase IIb Clinical Study
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... 26, 2016 Story Highlights: ... models within the health care industry is causing providers ... , Deloitte offers a suite of solutions for ... impacting efficient cost optimization: labor resource analysis, revenue cycle ... facilitate better outcomes and better economics ...
(Date:6/24/2016)... N.J. , June 24, 2016  Collagen ... the design, development and manufacturing of collagen and ... regeneration announced today that Bill Messer ... and Marketing to further leverage the growing portfolio ... medical devices. Bill joins the Collagen ...
(Date:6/24/2016)... June 24, 2016   Bay Area Lyme ... Dean Center for Tick Borne Illness , ... Rehabilitation, MIT Hacking Medicine, University of California, Berkeley, ... announced the five finalists of Lyme Innovation ... More than 100 scientists, clinicians, researchers, entrepreneurs, and ...
Breaking Medicine Technology:
(Date:6/24/2016)... ... June 24, 2016 , ... The Pulmonary Hypertension Association (PHA) ... will receive two significant new grants to support its work to advance research ... anniversary by recognizing patients, medical professionals and scientists for their work in fighting ...
(Date:6/24/2016)... San Francisco, CA (PRWEB) , ... June 24, ... ... at CitiDent, is now offering micro-osteoperforation for accelerated orthodontic treatment. Dr. Cheng has ... , self-ligating Damon brackets , AcceleDent, and accelerated osteogenic orthodontics. , ...
(Date:6/24/2016)... ... 2016 , ... Topical BioMedics, Inc, makers of Topricin and MyPainAway Pain Relief Products, join The ... raise to $12 an hour by 2020 and then adjusting it yearly to increase at ... the minimum wage, assure the wage floor does not erode again, and make future increases ...
(Date:6/24/2016)... ... 2016 , ... EB Medicine presented its first-ever “Issue of ... in Ponte Vedra Beach, FL. The awards honor the outstanding work of leading ... and Pediatric Emergency Medicine Practice. , “With this award, we recognize the efforts ...
(Date:6/24/2016)... ... June 24, 2016 , ... Puradigm® & Innovative Solutions today ... cultivation and processing operations at its production facility, and opened its first two ... the manufacturer of a complete system of proactive air and surface purification solutions ...
Breaking Medicine News(10 mins):