Ellipse Technologies Raises $17.6 Million
Ellipse Technologies has raised $17.6 million in Series C private equity financing. HBM BioVentures and BioStar Ventures participated in this round. Current investors Wexford Capital and MedFocus Funds also participated in this round.
“The interest from potential investors in Ellipse was very positive, which led us to increase this round of funding from earlier goals. We are grateful to both our new and current investors who participated in this financing. This funding will enable Ellipse to initiate commercialization of the MAGEC and PRECICE products as well as invest in expanded uses of these patented technologies to new markets,” stated Ellipse Chairman Michael Henson.
Ellipse is known for developing MAGEC (MAGnetic Expansion Control) Technology for minimally invasive orthopedic deformity prevention and management. The first use that MAGEC has been integrated with is for the treatment of spinal scoliosis in children.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry