Knee brace maker raises $2.4M, launches product nationwide

May 9, 2012 5:36 pm by Arundhati Parmar | 0 Comments

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.

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 ahigh-profile endorsementfrom Dr. Mehmet Oz, who hosts the Emmy-award winning “The Dr. Oz Show.”

Aside from the knee brace, OrthoCor also makes heat wraps under theAllevabrand name. They are available for sale right from the company’s website.

Reserve your seat now for MedCity CONVERGE, to be held July 9-10 in Philadelphia. Discover strategies, solutions and startups in healthcare innovation. Be a part of this gathering where the entire healthcare ecosystem converges.

Related Topics: dealflow, medical devices, Minnesota, OrthoCor Medical, Twin Cities

Propofol drug shortages: The economic problem of a generic injectable

FDA approves new, smaller heart device made by St. Jude Medical

By Arundhati Parmar

Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.
More posts by Author