Foley Hoag Represents ArthroCAD in First Round of Series A Financing
January 17, 2013
ArthroCAD, Inc., a developer of medical devices designed to improve surgical outcomes for patients undergoing joint replacement procedures, has closed the first tranche of its Series A financing, with secured commitments for additional funding.
Foley Hoag LLP, led by Life Sciences Practice chair Jeffrey Quillen, represented ArthroCAD in the transaction, which included an investment from Edgar D. Jannotta, Jr., former Managing Principal of GTCR. Mr. Jannotta joins the board of ArthroCAD as part of the deal.
“I am delighted to lead the Series A investment and join the board of ArthroCAD,” Mr. Jannotta commented. “I believe ArthroCAD will address a real unmet need in the orthopedic industry. I am excited by the fact that the ArthroCAD’s products will impact both clinical and economic outcomes.”
PJ Anand, Chairman and Co-Founder of ArthroCAD, commented, “It has been a pleasure working with Jeff Quillen and Foley Hoag on this initial Series A investment. Jeff’s experience working with innovative startups such as ArthroCAD from initial Series A closing through elevated strategic transactions has been invaluable.”
The proceeds of the Series A round will be used to develop ArthroCAD’s lead product for the Total Hip Arthroplasty (“THA”) market.
Surgical morbidity is a focal point for patients, physicians, regulators and device companies. In recent years, patient awareness of morbidity following THA has dramatically increased due to popular press reports, medical litigation and device recalls. The number of THAs performed in the US was estimated to be more than 350,000 in 2007.
The magnitude of the problem is projected to increase dramatically, since this number is expected to double by 2030.
About ArthroCAD, Inc.
ArthroCAD is a medical device company focused on developing solutions to improve surgical outcomes for patients undergoing joint replacement procedures.
About Foley Hoag LLP
Foley Hoag provides innovative, strategic legal services to public, private and government clients across the globe. We have premier capabilities in the life sciences, healthcare, technology, energy, professional services and private funds fields, and in cross-border disputes. The diverse backgrounds, perspectives and experiences of our lawyers and staff contribute to the exceptional service we deliver to clients ranging from startups to multinational companies to sovereign states. For more information, visit www.foleyhoag.com or follow @FoleyHoag on Twitter.