- Catalyst OrthoScience received $ 12.3million in new capital from local investors, which included $ 952,000 of investment.
- This is the fourth round of equity funding for the 2014 domestic startup.
- Brian K. Hutchison (chairman and CEO), stated that the new financing will help to support growth and innovation.
Another round of financing has been closed for a Naples-based manufacturer of medical devices to help with its rapid growth.
Catalyst OrthoScience received $ 12.3million in new capital from local investors, which included $ 952,000 of investment.
This is the fourth round of equity funding for the 2014 domestic startup.
Tamiami Angel Funds has now provided funding of $ 2.38million to local investors. This is more than any company they have invested in.
Angel investors tend to be the few first investors in companies with the resources and expertise featured in “Shark Tank”. They often get followed by venture capital companies, and then private equity.
In a press release, Timothy Cartwright (chairman of the Tamiami Angel Funds) said that his goal was to invest in Florida’s high-potential companies.
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Catalyst OrthoScience’s founder Steven Goldberg (the inventor of the innovative technology) represent “the spirit entrepreneurship we strive to cultivate as an overall strategy to diversify Southwest Florida’s economy,” said Cartwright.
Catalyst received more funds than expected from its most recent fundraiser
Brian K. Hutchison (chairman and CEO), stated that the new financing will help to support growth and innovation.
He stated that the funding round “comes at an important time for Catalyst OrthoScience,” We are in a major growth phase. This financing will allow us to increase our product range with technological advancements in shoulder arthroplasty, and expand our staff in all areas.
What exactly is an arthroplasty procedure?
Arthroplasty is the replacement or repair of a damaged joint.
Goldberg is an orthopedist in Naples who developed this new technology to replace his shoulder.
He aims to reduce the amount of surgery and make it more effective for patients and surgeons.
Catalyst is building its patent portfolio to support surgical products. There are also pending patents.
The company claims that Goldberg’s original invention is now used in over 3,000 successful surgeries.
It can be carried in your palm and is composed of two parts that are similar to the socket and ball of the human shoulder.
The Catalyst implant’s shape, which is unlike other on-the-market implants, closely matches the shape of a human shoulder. According to Goldberg, it was created to allow the patient to feel and move more naturally.
Implants that are made with new surgical techniques and patent tools require less bone to remove than conventional joint replacement procedures.
Goldberg claims that patients will be able to stay longer in hospital and consume less narcotics.
Catalyst says its initial patients showed “excellent results” more than five years later.
Catalyst OrthoScience launches new products
Company continues to develop new products.
Catalyst launched 3D imaging software in order to assist in preoperative product planning. The U.S. Food and Drug Administration granted approval in March for the new Reverse Total Shoulder System. It is an important step in obtaining final marketing approval.
After FDA approval Catalyst started a limited rollout.
Analysts predict that by 2025, the most lucrative segment for shoulder replacement will be reverse surgery.
This is a type of surgery that involves changing the ball and socket of the shoulder joint. These are often performed to correct severe arthritis or a malfunctioning or damaged rotator.
Catalyst changed its name as it expanded. Archer now manages the product portfolio.
River Cities Capital (a private equity firm that focuses on healthcare) and Mutual Capital Partners (a venture capital fund that invests in medical device and software companies at early stages of development), led the latest round.
These same companies led funding rounds that concluded in the final round.
Carter McNabb, River Cities’ Managing Director, stated that he was a Catalyst Board of Directors member and said, “We are delighted to support Catalyst’s significant momentum and help with shoulder replacement efforts.”
Catalyst was able to raise $ 12.7 Million in 2019, a million more than it had hoped for, during its third round of funding.
Cartwright called this an important milestone in the history of aviation.
The Pitchbook database of venture capital was reviewed by him and he concluded that there wasn’t a significant investment opportunity in Naples.
Tamiami Angel Funds made their first investment in Catalyst on June 16, 2016. In 2016, Tamiami Angel Funds made their first investment in Catalyst. The main investor was $ 930,000.
In 2017, a third fund invested $ 500,000 to make a follow up investment.
Final round memberships for the Third, Fourth, and Second Angel Funds reached $ 952,000.
Cartwright told us that it was a large turnout, as all three funds were involved. “We are so happy.”
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