By E. Janene Geiss
Philadelphia, Jan. 18 - Archus Orthopedics, Inc. said Wednesday that it has closed its series C financing round, raising $35 million.
Johnson & Johnson Development Corp. and DePuy Spine were the lead investors. Other participants included the company's current investors, MPM Capital, InterWest Partners and Polaris Venture Partners.
While specific details were not disclosed, the investment by Johnson & Johnson establishes a framework for future collaboration between Archus and DePuy Spine, officials said in a news release.
Archus said it is conducting a U.S. clinical trial of its Total Facet Arthroplasty System, a novel, patented spinal implant designed to treat spinal stenosis, a condition in which degenerative changes in the facet joints result in compression of spinal nerves producing neurological symptoms in the legs.
Traditionally, patients with spinal stenosis undergo decompressive laminectomy surgery, which is often accompanied by spinal fusion, officials said.
The Total Facet Arthroplasty System replaces the degenerative facet joints with a prosthetic joint implant intended to restore stability and normal motion to the spine, eliminating the need for fusion, officials said.
Archus said it is the only company with Food and Drug Administration approval to conduct clinical trials of a facet-replacement device in the United States.
"It is a natural fit for Archus, the leader in facet arthroplasty, to work with DePuy Spine, the leader in disc arthroplasty," Jim Fitzsimmons, chairman and chief executive officer, said in the release.
In addition to the Total Facet Arthroplasty System, Archus also is developing facet-replacement technology intended to work in harmony with artificial disc replacement. The company said it hopes that the two technologies together will result in the opportunity for true total reconstruction of degenerative spine segments, much like a total hip or a total knee replacement procedure.
"We are clearly experiencing a paradigm shift in spine care from fusion to motion restoration and joint replacement, which is why spine [care is] the fastest growing segment of the orthopedic market," Fitzsimmons added.
Archus Orthopedics is a Redmond, Wash., privately held company developing a family of reconstructive implants to treat a variety of spine disorders resulting from degenerative changes in the facet joints.
| Issuer: | Archus Orthopedics, Inc.
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| Issue: | Series C financing
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| Amount: | $35 million
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| Investors: | Johnson & Johnson Development Corp., DePuy Spine (leads), MPM Capital, InterWest Partners, Polaris Venture Partners
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| Closing date: | Jan. 18
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