Checkpoint Surgical, a medical device company which seeks to advance the science and practice of nerve protection and repair, has completed $8.8m equity financing to fuel growth.
The preferred series capital raise was led by Mutual Capital Partners, a Cleveland based venture fund investing in rapidly growing, post-revenue technology businesses
Existing backers, First Analysis, a growth equity firm based in Chicago, the JumpStart NEXT Fund, a Cleveland based venture fund, and several individual investors also participated in the round.
First Analysis managing director Tracy Marshbanks said: “First Analysis has witnessed firsthand Checkpoint’s impressive growth and watched as Checkpoint’s core products have moved from acceptance to adoption throughout the surgical community the past several years.
“We look forward to our continued partnership with Checkpoint and now welcome Mutual Capital Partners to the team.”
Mutual Capital Partners’ Wayne Wallace said: “We spoke with many of Checkpoint’s surgeon-users and distributors and were impressed with the enthusiasm expressed by key opinion leaders at world renowned medical institutions using Checkpoint’s technology.
“Checkpoint has the core technology and team needed to build a significant business in a large high-growth market. We look forward to helping the team build on prior success in the nerve protection and repair space.”
The growth capital will be used to expand Checkpoint’s sales and marketing resources, advance new product/market opportunities in nerve regeneration and neuroma pain, as well as bolster Checkpoint’s executive team. In connection with the completion of the equity financing, the Company has hired industry veteran Derek Lewis to head up operations, research and development.
Checkpoint president and CEO Len Cosentino said: “Derek’s proven track record in developing and launching new medical device products with established firms as well as early-stage technology companies makes him a perfect fit for Checkpoint, which is poised for rapid growth in its core markets and expansion into new markets.
“We are excited to add a person of Derek’s caliber and experience to our team and we expect him to contribute quickly to our growth.
“Rick brings a wealth of experience, success and enthusiasm to the table. He is a master at building effective, inspired sales teams as evidenced by the strong revenue growth we have enjoyed this year under Rick’s leadership.”
Source: Company Press Release