Contact: William von Brendel, 858-335-5790
COLTS NECK, NJ, August 28, 2012 – Nextremity Solutions, Inc. announced that it closed a second round of funding, bringing total capital raised to $6.6 million. The Company also announced the engagement of Rockport Venture Partners to assist in its first institutional and preferred equity round of $10 million. The financing will support ongoing commercialization of its lead product, the Nextra Hammertoe Correction System and the Company’s new product pipeline of foot and ankle implants.
The Nextra System is 510(k) cleared and CE Marked. Sales in the US and Europe reached 1,000 implants and over $1 million in sales in the first seven months of 2012. The new financing round is expected to fund the Company to breakeven in the coming year.
Severe hammertoes are debilitating, causing pain and loss of mobility, in addition to being unsightly. The U.S. forefoot surgery market, which includes hammertoe reconstruction and bunionectomies, already represents over 1.2 million procedures annually. Based on high procedure growth potential that will be driven by a next generation hammertoe solution like the Nextra System, Piper Jaffray estimates the U.S. hammertoe implant market alone to be worth $500 million to $1 billion. This valuation does not include millions of hammertoe sufferers, estimated at 10%-20% of the population, who are unaware that a simple solution exists to the correction of this deformity and who have yet to seek medical attention.
About Nextremity Solutions, Inc.
Nextremity Solutions is a privately held medical-device company offering a novel approach to the surgical reconstruction of small bone deformity, degeneration and trauma. Founded by surgeons, Nextremity Solutions is committed to the development of technologically advanced and precise medical implant systems for repeatable and superior clinical outcomes. For further information, visit www.nextremitysolutions.com or call 574-635-3023.
About Rockport Venture Partners
Rockport Venture Partners is a boutique private placement firm that specializes in raising private equity from a global network of institutional investors. In the last ten years the Principals have closed more than 35 transactions, raising over $350 million for late stage transactions that have attracted over $640 million in demand. For further information, contact Mark Bosland, Managing Director Rockport Venture Partners 574-635-3023.
Nextra™ Hammertoe Correction System and Nextra™ Hammertoe Correction Implant are trademarks of Nextremity Solutions, Inc.