Cerapedics, a medical device manufacturer based in Westminster, Colorado, received $19 million in Series C funding. This round of financing was led by MedImmune Ventures and CVF, one of Henry Crown and Company’s affiliates. Existing investors who participated in the Series C round include NGN Capital and OrbiMed Advisors. With this round of financing, Dr. Sam Wu will join the company’s Board of Directors. Sam Wu is Managing Director at MedImmune Ventures.
According to a press release by the company, proceeds from the Series C round will be used to support the company’s ongoing clinical trial of its i-FACTOR peptide enhanced bone graft. The i-FACTOR system is designed for cervical spine applications. The United States Food and Drug Administration (FDA) granted the device an Investigational Device Exemption (IDE) for the clinical trial. Upon approval, the company plans for commercialization of the product.
The company also plans to use Series C funds for the accreditation of next-gen products. The company will also continue investments in marketing and sales outside the United States for its i-FACTOR bone graft.
In the press release, the company stated, "We are gratified with the response received from the financial community given the challenging economic environment present industry-wide. It is a direct reflection of the merits of the clinically tested i-FACTOR product portfolio and the team we have put in place globally."