spot_img
Saturday, July 13, 2024

Durham’s Restor3D raises $70 million

Durham’s Restor3d, which is making 3D-printed orthopedic implants, has raised $55 million from investors to fuel its growth.

The investment round was led by Denver-based Summers Value Partners. Restor3d also completed $15 million in debt financing led by Trinity Capital of Phoenix.

The company said it plans to use the proceeds to introduce new patient-specific implant systems for total ankle and shoulder replacements and to upgrade its printing technology. It also plans to add new software and design automation systems.

It also plans to use some of the money to educate surgeons.

“With this capital, we can accelerate our efforts to transform orthopedic care through 3D-printed personalized implants,” said CEO Kurt Jacobus in a statement. “We are eager to maximize our impact on patient outcomes and continue to advance orthopedic care.”

Restor3d, which was spun out of Duke University in 2017, received U.S. Food and Drug Administration approval in April 2023 for an ankle replacement. The company has multiple FDA product clearances that span lower extremity, upper extremity, spine, and trauma.

In 2021, Restor3d merged with Kinos Medical, a total ankle replacement company. Last year, it acquired Massachusetts-based Conformis, which specializes in joint replacements.

In April 2023, it raised $12 million in a convertible debt offering, following a $23 million stock offering in April 2022. That money was used for new product development, research and clinical studies and software.

The company moved into a new facility in the Research Triangle Park earlier this year.

Summers Value Partners is a boutique alternative asset manager

Chris Roush
Chris Roush
Chris Roush is executive editor of Business North Carolina. He can be reached at croush@businessnc.com.

Related Articles

TRENDING NOW

Newsletters