Cayenne Medical Closes $10 Million Capital Raise
-- Proceeds to Support Accelerated Growth and Continued Expansion in Sports Medicine Orthopedic Solutions --
SCOTTSDALE, Ariz., Feb. 14, 2012 /PRNewswire/ -- Cayenne Medical, Inc., a private sports medicine device company, today announced the closing of a $10 million equity financing, with new investor Fletcher Spaght Ventures joining existing investors Split Rock Partners, MB Venture Partners and Investor Growth Capital. The proceeds will be used to enhance the company's sales and distribution and to support expansion of its portfolio of sports medicine orthopedic solutions.
Cayenne Medical currently markets products that address previously unmet clinical needs in knee ligament reconstruction and meniscal repair, including the AperFix® II System, the CrossFix® II System and the iFix® System. This month the company is also launching the Quattro™ Shoulder System for rotator cuff and labral repairs.
"We are pleased to support Cayenne Medical and its innovative, complete procedural solutions for common sport-related orthopedic injuries," said Peter Kleinhenz of Fletcher Spaght. "We believe the Company's high quality products, coupled with its impressive executive team will enable even further success as it introduces additional novel soft tissue repair solutions to market."
"Cayenne is privileged to have Fletcher Spaght Ventures join our already strong and committed investor syndicate. We look forward to a year of accelerated company growth, with our new innovative solutions for the shoulder to complement our best-in-class knee products," said David Springer, President and CEO, Cayenne Medical.
About Cayenne Medical, Inc.:
Based in Scottsdale, Arizona, Cayenne Medical is a privately held medical device company defining new technology for the soft tissue reconstruction segment of the sports medicine market. The company was founded in 2005 and is focused on leading the transformation of traditional soft tissue repair procedures, by applying advanced technology through minimally invasive techniques. For more information, visit www.cayennemedical.com.
About Fletcher Spaght Ventures:
Fletcher Spaght, Inc. was founded in 1983. The firm provides strategy and financing assistance to new ventures, risk capital investors and large enterprises with emerging technologies or other growth opportunities. We develop market research, competitive analysis and financial analysis to advise clients on the commercial potential of new ventures and the options for growing, funding or acquiring new businesses. Fletcher Spaght Ventures invests in high potential companies identified by our practice groups in High Technology, Healthcare and Corporate Growth. For more information, visit www.fletcherspaght.com.
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