FORT WASHINGTON, Pa., March 21, 2011 /PRNewswire/ -- Core Essence Orthopaedics, Inc. (Core Essence), a Fort Washington, Penn.-based orthopaedic device company, announced today it has raised $11.5 million in Series B financing. Baird Venture Partners led the round, joined by existing investor NewSpring Health Capital, Robin Hood Ventures and other individual investors. The funding, which follows a $5 million Series A round, will support the commercialization of the company's soft tissue and skeletal repair devices.
Core Essence has developed a range of products targeting high-volume, sports medicine procedures involving soft tissue and skeletal repair of the extremities. The company's products better enable surgeons to perform minimally invasive arthroscopic and endoscopic procedures, leading to higher success rates and lower recovery times.
"We are excited about establishing this partnership with Baird Venture Partners and the continued support we received from existing investors," said John Moran, CEO and Chairman of Core Essence. "There is increasingly strong demand for innovative solutions that maximize productivity and minimize complexity of existing surgical techniques. This financing will help us continue on the path toward meeting that demand."
"Core Essence is targeting two of the highest growth segments within the orthopaedic field today – extremities and sports medicine," said Pete Shagory, Partner at Baird Venture Partners. "Core Essence's novel product portfolio will enhance the ability of surgeons to meet the growing needs of their patients while providing them with the tools to achieve better outcomes."
"We are excited to continue to support Core Essence and very pleased to welcome Baird Venture Partners to the company," said Zev Scherl, a Core Essence Board member and a General Partner at NewSpring Capital.
As part of the transaction, Shagory will join Core Essence's Board of Directors.
|SOURCE Core Essence Orthopaedics, Inc.|
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