Foley Hoag Represents ArthroCAD in First Round of Series A Financing
January 17, 2013
ArthroCAD, Inc., a developer of medical devices designed to improve surgical outcomes for patients undergoing joint replacement procedures, has closed the first tranche of its Series A financing, with secured commitments for additional funding.
Foley Hoag LLP, led by Life Sciences Practice chair Jeffrey Quillen, represented ArthroCAD in the transaction, which included an investment from Edgar D. Jannotta, Jr., former Managing Principal of GTCR. Mr. Jannotta joins the board of ArthroCAD as part of the deal.
“I am delighted to lead the Series A investment and join the board of ArthroCAD,” Mr. Jannotta commented. “I believe ArthroCAD will address a real unmet need in the orthopedic industry. I am excited by the fact that the ArthroCAD’s products will impact both clinical and economic outcomes.”
PJ Anand, Chairman and Co-Founder of ArthroCAD, commented, “It has been a pleasure working with Jeff Quillen and Foley Hoag on this initial Series A investment. Jeff’s experience working with innovative startups such as ArthroCAD from initial Series A closing through elevated strategic transactions has been invaluable.”
The proceeds of the Series A round will be used to develop ArthroCAD’s lead product for the Total Hip Arthroplasty (“THA”) market.
Surgical morbidity is a focal point for patients, physicians, regulators and device companies. In recent years, patient awareness of morbidity following THA has dramatically increased due to popular press reports, medical litigation and device recalls. The number of THAs performed in the US was estimated to be more than 350,000 in 2007.
The magnitude of the problem is projected to increase dramatically, since this number is expected to double by 2030.
About ArthroCAD, Inc.
ArthroCAD is a medical device company focused on developing solutions to improve surgical outcomes for patients undergoing joint replacement procedures.
About Foley Hoag LLP
Foley Hoag is a dynamic law firm that represents public and private clients in a wide range of disputes and transactions worldwide. We have expertise in industries such as life sciences and healthcare, technology, energy and cleantech, investment management, and professional services. We also offer our clients market-leading international litigation and arbitration and corporate social responsibility services. From our offices in Boston, Washington, D.C. and Paris, and our Emerging Enterprise Center in Waltham, Massachusetts, we provide strategic legal advice that is tailored to each of our client’s unique goals. Foley Hoag combines powerful regional, national and international practices that share a common emphasis on client service. We are focused on what we do best: helping our clients succeed through the delivery of exceptional legal service. For more information, visit www.foleyhoag.com