AKRON, Ohio — OrthoHelix Surgical Designs — which creates plates, screws, washers and other tools and devices for hand and foot reconstructive surgery — has raised $2 million to increase its advertising and sell in more states.
Investors have an option to invest another $3 million by Oct. 1, according to the company’s recent filing with the Securities and Exchange Commission. Chief Executive Dennis Stripe said he expects to receive that funding.
“Our business has started to grow very well, and we wanted to build additional inventory so we could expand sales beyond 25 states,” Stripe said. By year’s end, OrthoHelix expects to be selling in about 40 states, Stripe said.
The $2 million was added to a $7.3 million round OrthoHelix raised in May 2008 soon after U.S. Food and Drug Administration approved its Modular Foot System: a collection of almost 100 plates, screws and surgical instruments for hand, wrist, foot and ankle surgeries. The company has since then continued to add pieces to cover more bones in the body, Stripe said.
Mutual Capital Partners and River Cities Capital Fund, which led the last fund-raise, accounted for most of the latest investment, Stripe said. Since 2005, OrthoHelix has raised a total of at least $24 million, according to SEC filings. Additional previous investors include Synogen.
The company was started in 2003 by Dr. David Kay, an orthopedic surgeon and managing director of the Crystal Clinic in Bath Township.
