Diamond Orthopedic Raises $3.5 Million Equity Funding
Elizabeth Hofheinz, M.P.H., M.Ed. • Thu, November 30th, 2017
Diamond Orthopedic, LLC, headquartered in Charlotte, North Carolina, has closed its $3.5 million seed round of equity funding, an effort led by MagnaSci Fund L.P.
According to the company, “Diamond’s signature technology is a faceted threadform that has been deployed in an FDA cleared faceted bone screw. As evidenced by significant bench testing, the new threadform design demonstrates superior performance as compared to conventional helical threadforms.”
“We are excited about the ability to launch our faceted bone screw technology with this round of capital investment,” said Board Chairman and legendary industry executive Charlie Federico. “With the market encouragement we’ve received thus far, we look forward to providing surgeons and patients with this superior technology.”
“Faceted bone screws offer superior fixation performance in both healthy and compromised bone,” says CEO Roy Bivens. “We are very excited about the possibilities for this technology in a multitude of applications, from specific procedures where superior fixation is paramount, such as triple arthrodesis, to the full spectrum of applications ranging from healthy-boned athletes to compromised bone, such as osteoporotic and osteopenic bone.”
Bivens told OTW, “The seed funding just completed enables our team to continue the commercialization process for this important, ground breaking technology. We believe that we will be able to demonstrate a significant value proposition to providers and patients alike as we move forward with this exciting technology in multiple clinical applications.”
“Our faceted threadform is the new fixation standard in orthopedics, and has yielded superior results versus traditional fixation products during multiple in vitro tests. Part of the clinical value proposition of our faceted threadform is that it is gentler on bone during the insertion process versus the market leading, traditional helical screw. Lower insertional torque leads to less damage to surrounding bone and, because of the way the facets work, less stress transfer at the bone-screw interface. The result is improved fixation which, of course, is the ultimate goal.”