Paragon 28, Inc., an orthopedic foot and ankle company located in Englewood, Colorado, has signed a credit facility with MidCap Financial, a finance firm located in Bethesda, Maryland. The credit facility gives Paragon 28 access to up to $70 million in total credit.
Founded in 2010, Paragon 28 focuses on creating solutions and tools for: ankle fusion, arthrodesis/deformity correction, biologic solutions, flatfoot, fractures, hallux valgus, and hammertoe.
MidCap Financial is a “middle market-focused, specialty finance firm.” As of June 2020, it provided “management or other services for over $27.8 billion of commitments.” The company is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc. based in New York City.
Paragon 28 Co-Founder and CEO Albert DaCosta has more than 14 years of experience in the foot and ankle space. DaCosta said, “We are very pleased with this new credit facility and our relationship with MidCap [Financial], providing Paragon 28 access to flexible and cost-effective growth capital, which will further enable the Company [Paragon 28] to invest in strategic growth initiatives to improve foot and ankle patient outcomes.”
Paragon 28 has a different approach to the foot and ankle space. Instead of focusing on one defining aspect of foot and ankle, the company focuses on all things foot and ankle. This broad focus on one area of orthopedics has allowed Paragon 28 to continually innovate. According to its website, Paragon 28’s systems have supported 100,696 surgeries and Paragon 28 has filed 175 patents.
This month Paragon 28 expanded its biologic solutions portfolio with the release of its BEAST™ Injectable Putty, BEAST PLUS™, and BEAST™ Osteobiologic Sponge (BOB™). Earlier this year, Paragon 28 announced the launch of MgNum™ Bone Void Filler.
