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Robin Hood Ventures Joins NewSpring Capital in Equity Investment in Core Essence Orthopaedics, Inc.
Wayne, PA - August 25, 2008- Robin Hood Ventures is pleased to announce it has completed its funding as part of the $5 Million Series A equity investment in Core Essence Orthopaedics, Inc., a medical device company based in Yardley, PA, focusing on soft tissue and skeletal repair. NewSpring Capital is leading the round through its dedicated healthcare fund, NewSpring Health Capital.
Core Essence has developed a range of products targeted towards the upper and lower extremities, particularly in the soft tissue repair segment. These products are designed specifically for ease of use in high volume, minimally invasive procedures. Core Essence Orthopaedics' products focus on the largest specialties in this segment of the orthopedics market, particularly shoulder/elbow and sports medicine.
Maria Maccecchini, Robin Hood Ventures board member, said, " We are delighted to invest in Core Essence Orthopaedics, a company with a broad product line that helps surgeons in a number of areas perform minimally invasive procedures with ease. We are also pleased to co-invest with NewSpring Health Capital, a leading healthcare fund.
"We are privileged to have Robin Hood Ventures participate in this investment," said Shawn Huxel, CEO and President of Core Essence Orthopaedics. "John Moran, a member of Robin Hood Ventures, is one of the original seed investors in our company, and continues to advise the company through its development. This round of financing provides the capital to accomplish our vision and introduce our intuitive surgical solutions into the growing soft tissue repair marketplace estimated to be greater than $1 billion." Mr. Huxel added, "Core Essence's entrepreneurial team, including my co-founders Alan Miller and Jeff Miller, is excited about this financial vote of confidence, further validating the innovative solutions we have developed for orthopedic surgeons, enabling them to perform successful minimally invasive procedures toward improving patients' health, function, and mobility."
Core Essence Orthopaedics' products include, among others, the SECURUS platform which currently focuses on rotator cuff repairs and includes an elegant, straightforward knotless suture anchor. Other key products are the nABLE instrumentation for percutaneous suture management, the PONTiS endotendonous repair system and reVERTO shape memory staples.
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About Core Essence Orthopaedics, Inc.
Core Essence Orthopaedics, Inc. (CE Ortho) is a privately held orthopaedic device company focused on the development, manufacture and commercialization of solutions for minimally invasive soft tissue and arthroscopic musculoskeletal repair for the extremity market. CE Ortho's intuitive and innovative technologies are driven by increasing demands for alternatives to complicated surgical procedures. CE Ortho devices enable surgeons to build on classic and familiar surgical techniques with novel instruments and implants that simplify procedures and can be mastered quickly. The company's proprietary technologies provide solutions to the growing volume of tendon and ligament repairs required by the active lifestyles of patients of all ages.
Website: http://www.CEOrtho.com
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About Robin Hood Ventures
Robin Hood focuses on investing in early stage companies located in the Mid-Atlantic region. Portfolio companies include Aklero Process Solutions, Inc., Protez Pharmaceuticals, Bioconnect Systems, Intellifit, Paradigm Spine, Glucolight, Patria, Athleague, GlobalPrint, Power Medical Interventions (PMII), Compoze (acquired by BEA), and Etech Solutions, Inc., (Acquired by Perficient - PRFT) . As of August 2008, Robin Hood has invested in 21 companies.
Website: http://www.robinhoodventures.com |
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| Core Essence
(215) 310-9534 |
Robin Hood Ventures
Ellen Weber
Executive Director
610-993-9060 | |
