Knee brace manufacturer OrthoCor Medical announced Wednesday that it had closed a $2.4 million angel financing round.
Previously, a regulatory filing with the U.S. Securities and Exchange Commission showed that the Minneapolis company had sought to raise $3 million.
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Along with the financing announcement, CEO John Dinusson said in a statement that the company is also launching its Active Knee System across the country.
The nationwide effort will be led by Patrick Carroll, who was recently hired as national sales director. Carroll was previously Eastern Regional sales manager at Exos Corporation. He has also held executive sales positions at 3M, Spine-Tech and American Medical Systems, that was bought by Endo Pharmaceuticals.
“With the closing of a successful round of financing and the addition of Patrick to our management team, we are excited to meet the huge demand for our Active Knee System by expanding our sales efforts to orthopedic clinics and patients across the U.S.,” Dinusson said in a statement.
The Active Knee System got a high-profile endorsement from Dr. Mehmet Oz, who hosts the Emmy-award winning “The Dr. Oz Show.”
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Aside from the knee brace, OrthoCor also makes heat wraps under the Alleva brand name. They are available for sale right from the company’s website.
