Akron-based OrthoHelix Surgical Designs Adds $2 Million for Expansion

As recently reported, Northeast Ohio is responsible for attracting $14.4 million in health care venture capital investment during the first quarter of 2009. That trend is continuing into the secong quarter as capital continues to be raised for innovative biomedical companies supported by our partners:

OrthoHelix Surgical Designs of Akron, a grantee of Advance Northeast Ohio partner BioEnterprise, has raised $2 million to increase its advertising and sell its surgical plates, screws, washers and other tools and devices for hand and foot reconstructive surgery in more states.

According to MedCity News, 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.

The $2 million was added to a $7.3 million round raised in May 2008 after the 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.

Since 2005, OrthoHelix has raised a total of at least $24 million.

OrthoHelix  was started in 2003 by Dr. David Kay, an orthopedic surgeon and managing director of the Crystal Clinic in Bath Township.