KFx Medical Corporation
Closes
$6.2 million Series A Financing
SAN DIEGO, CA – AUGUST 24, 2005
KFx Medical Corporation, a developer of
minimally invasive percutaneous repair systems for rotator
cuff repair, has closed its Series A financing. Investors in
the oversubscribed $6.2 million Series A round included lead
investor Charter Life Sciences L.P, Arboretum Ventures, Montreux
Equity Partners, and MB Venture Partners.
"We are very pleased to have such a
prominent group of industry-knowledgeable investors validate
our strategy. We view their significant financial commitment
as a reflection of the strength of our current set of opportunities," stated
KFx president and CEO Tate Scott. "This financing enables
us to radically accelerate preparations for KFx Medical Corporation's
entry into the U.S. market that was created by the well-deserved
success of Opus Medical and ArthroCare."
Joining Scott and Vivant Medical CEO Rod
Young on the KFx Board of Directors are lead investor Barr
Dolan of Charter, Tim Petersen of Arboretum and Dr. John Savarese
of Montreux. Ted Davis of MB Venture Partners will serve as
a board observer.
Over four million people seek medical advice
for shoulder pain every year; torn rotator cuffs alone account
for more than 500,000 surgeries annually and have traditionally
required many weeks of rehabilitation. Traditional minimally
invasive techniques, although promising - patients typically
experience less pain and regain full range of motion more quickly
- require surgeons to have advanced videoscopic skills. In
contrast, KFx provides simple systems for surgeons while ensuring
more anatomical repair for the patient, yielding better clinical
outcomes.
"We were quite impressed with the demonstrated
clinically relevant results from this highly innovative system
for rotator cuff repair," Dolan stated. "The system
developed by KFx Medical Corporation's SAB and engineers clearly
represents the next steps needed for this expanding and robust
market."
About KFx Medical
Corporation
Headquartered in Carlsbad, Calif., KFx Medical Corporation
was founded in 2003 to develop clinically relevant solutions
to rotator cuff repair. The company is privately held.
CONTACT:
Tate Scott
KFx Medical Corporation
619-742-2010
kfxmed@gmail.com
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