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Conventus Orthopaedics closes on credit facility agreement
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Conventus Orthopaedics has closed on a $10 million credit facility provided by Oxford Finance LLC and Square 1 Bank. The facility will be used to help fund commercialization of the Conventus DRS and further accelerate the development and commercialization of new indications for the Conventus platform technology.
Used to treat distal radius fractures, Conventus DRS technology is a self-expanding implant that stabilizes fracture fragments from within the bone. A technique Conventus reduces surgical trauma by up to 80% compared to traditional plate and screw fixation and the surgical procedure requires minimal incisions on the forearm and wrist, according to a company press release.
“This funding will enable Conventus to continue efforts to expand our game-changing platform technology with new indications such as proximal humerus and more in the lower extremities,” Paul Buckman, chief executive officer of Conventus, stated in the release.