Monday August 17, 2020 0 comments
ENGLEWOOD -- Paragon 28, Inc. announced the completion of a Series B financing.
The round was co-led by Piper Sandler Merchant Banking, a commercial stage growth equity investment business of Piper Sandler Companies, and MVM Partners, a healthcare growth equity investment firm.
The financing also included participation from an existing Series A investor.
The amount of the new financing was not disclosed.
Paragon said the new financing will support its ongoing initiatives to develop and launch new products, including the recently FDA cleared APEX 3DT Total Ankle Replacement System, as well as continued commercial expansion in the US and international markets.
"We are pleased to add this capital to our balance sheet and equally excited about the partnership,” said Albert DaCosta, Paragon president and CEO.
“The Series B proceeds will enable our team to focus on the best growth opportunities and expand our market position. To close this round on the tenth anniversary of the company is a special moment for our team."
"The team at Paragon 28 has brought tremendous focus and innovation to the foot and ankle segment, an area of the orthopedics market that is growing rapidly and traditionally has been under-served,” said Tom Schnettler, managing director with Piper Sandler Merchant Banking.
“The company's innovative solutions and extensive product line benefit surgeons and patients in addressing even the most difficult foot and ankle conditions. We are excited to partner with Paragon 28 and support the company's mission to innovate and improve foot and ankle surgical outcomes."
"The foot and ankle segment of orthopedics is a relatively new surgical specialty,” said Kevin Cheng, a partner at MVM.
“Paragon 28 is relentlessly focused on improving procedures through an extensive array of novel products that are specifically engineered for lower extremities.
“We are impressed by the advancements that the Paragon team has made, and we are delighted with the opportunity to support the business through its next phase of growth."