MedShape Secures $11 Million in Financing
Launches Innovative Eclipse Soft Tissue Anchor
ATLANTA (October 8, 2013) - MedShape, Inc., the industry leader in shape memory orthopedic devices, today announced the closing of $11 million in new financing. The investment will help drive further development and commercialization of pipeline products, including the full market release of the Eclipse Soft Tissue Anchor, MedShape's newest shape memory fixation device for soft tissue repair.
"This latest round of financing represents another significant milestone as MedShape continues its growth in the joint fusion and soft tissue repair segments," said Kurt Jacobus, CEO of MedShape. "The launch of Eclipse indicates the company's continued dedication towards advancing orthopedics by developing innovative devices using shape memory technology."
Made out of MedShape's proprietary PEEK (polyether ether ketone) AlteraÃ’, Eclipse features a non-rotational deployment technique that allows surgeons to better replicate native soft tissue anatomy and functionality. The two-part sheath-and-bullet design provides a simplified insertion and improved fixation strength compared to traditional tenodesis screws. Available in 4-9 mm diameters and 10-20 mm lengths, Eclipse accommodates numerous anatomies in tenodesis and tendon transfer procedures. PEEK Altera is biocompatible, biostable, radiolucent and MRI safe.
MedShape received FDA 510(k) clearance for Eclipse in March 2013. Since August 2013, Eclipse has been under a controlled market release, available to a select group of surgeons. The first clinical use occurred on August 5, 2013 with Dr. Grant Padley successfully performing a proximal biceps repair at Arizona Spine and Joint Hospital in Mesa, AZ. In addition, Eclipse has been successfully used in hand, knee, foot and ankle soft tissue reconstruction procedures.
"I prefer the Eclipse device over the implant I previously used for its ease of use," said Dr. Padley. "Unlike traditional tenodesis devices that can rotate and lacerate the soft tissue, Eclipseâ€™s sheath expansion method gives me the ability to place the soft tissue in the prepared bone tunnel and easily maintain the desired position throughout the procedure."
About MedShape, Inc:
MedShape, Inc. is a privately held medical device company working to develop and commercialize a portfolio of surgical solutions that use its patented shape memory polymer and metal alloy technologies to address the increasing demand for improved sports medicine, joint fusion, and musculoskeletal trauma products. For more information, visit http://www.medshape.com .
Eclipse is a trademark and PEEK Altera is a registered trademark of MedShape, Inc.