FIELD ORTHOPAEDICS COMPLETES AUD $20.8MM SERIES A FINANCING ROUND
- Raised $12m in new capital led by institutional medical device investors including the Tynan Family and Acorn Capital
- Well funded to continue triple digit growth rates partnered with Medartis AG (MED.SW)
- Next growth platform, Griplasty™ CMC suspensionplasty device expected to launch later this year
Brisbane, Australia, August 23, 2024 – Field Orthopaedics, Pty Ltd. (FO), a company dedicated to transforming the hand extremity market announced today the closing of a $20.8 million Series A financing round, including $12 million in new capital and $8.8 million through the conversion of debt to equity. The funds will continue to enable commercial expansion of the NX Nail and support the launch of its new Griplasty™ CMC suspensionplasty device, which FO plans to release following the anticipated FDA clearance later this year. Both NX Nail and the soon to be released Griplasty™ are disruptive technologies, designed to advance the current standard of care of finger fracture management and basal thumb arthritis.
Australian based family office Flannery (Ilwella), US based family office Tynan, and Acorn Capital join existing investors and are represented on FO’s board of directors. “This financing will enable continued growth of our commercial capabilities and sales in the U.S., enhance our clinical initiatives, and support the go-market plan for Griplasty™, our next flagship product,” said Patryk Kania, President and CEO, Field Orthopaedics.
“We are excited to welcome the US based Tynan family office and Australian based Acorn Capital, whose investments demonstrate the potential of Field Orthopaedics,” said Mr Foster, Non-Executive Director at Field Orthopaedics. Foster further states that “FO’s ability to attract significant investment is a testament to the management team’s leadership in driving rapid adoption of its NX Nailing. This Series A extension diversifies FO’s investor group and provides additional resources to further market growth in partnership with its global distributor, Medartis AG (MED.SW).”
About Field Orthopaedics Field Orthopaedics is a company dedicated to transforming the hand extremity market with novel solutions in fracture management and arthritis. FO continues to gain significant market traction in Australia, the United States, and South Africa with its comprehensive NX Intramedullary Nailing system and Microscrew, for the treatment of both metacarpal and phalangeal fractures and is looking forward to launching its new CMC suspensionplasty solution, Griplasty™ later this year.
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FO Media
