News

August 2012

Viewing posts from August , 2012

Nextremity Solutions Closes Funding of $6.6 Million and Announces Opening of First Preferred Round

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.

New Research Indicates Up to 60 million Americans Suffer from Hammertoe Foot Deformities

FOR IMMEDIATE RELEASE

Contact: William von Brendel, 858-335-5790

COLTS NECK, NJ (MMD Newswire) August 14, 2012 — Nextremity Solutions, Inc. announced preliminarily results of a new market research analysis indicating that forefoot deformities, such as hammertoes, are an endemic problem in the United States affecting as many as 20% of Americans.

According to Andrew Park, Senior Manager, Orthopedics at iDATA Research, a global medical device and pharmaceutical market intelligence firm, commented, “People who suffer from forefoot deformities remain one of the largest untreated orthopedic patient populations our firm has ever measured.” He added, “Research estimates that the 550,000 US hammertoe surgeries in 2012 will grow to 648,000 by 2017. Our research also shows up to 60 million patients suffer from hammertoe deformities and the overwhelming majority has not been diagnosed or undergone surgical treatment.”

David C. Novicki, DPM, FACFAS, Clinical Assistant Professor of Orthopedics, Yale School of Medicine and past President of the American College of Foot and Ankle Surgeons, stated, “We are not surprised with vast number of hammertoe sufferers in the US. Due to demographics and lifestyle changes, we expect these numbers to continue to grow over the next decade. Many people are simply not aware that there are interventional as well as conservative approaches to managing this painful condition and we urge people with a foot deformity to seek a consultation from their physician.”

Severe hammertoes are debilitating, causing pain, loss of mobility as well as being unsightly. Piper Jaffray estimates (June 6, 2011 report) the hammertoe implant market will represent $500 million to $1 billion in the US alone. These estimates do not include the millions of hammertoe sufferers who have yet to seek medical attention. Ten to twenty percent of the general population in developed countries has the hammertoe deformity. The US forefoot surgery market, which includes hammertoe correction and bunionectomies, already represents over 1.2 million procedures annually.

 

About Nextremity Solutions, Inc.

Nextremity Solutions is a privately held medical-device company offering a novel approach to the surgical correction of small bone deformity, degeneration and trauma. Founded by surgeons, Nextremity Solutions is committed to the development of the most technologically advanced and precise medical implants that will provide repeatable and superior patient outcomes.

Nextra™ Hammertoe Correction System and Nextra™ Hammertoe Correction Implant are trademarks of Nextremity Solutions, Inc.

For further information, visit www.nextremitysolutions.com or call 574-635-3023