May 21, 2018 Source: drugdu 168
Holland-based Genesis Innovation Group LLC raised $7.2 million of its $10 million goal toward a fund to invest in early-stage healthcare companies developing medical devices and orthopedic technologies.
Genesis provided seed funding for Holland-based Shoulder Innovations Inc. and then participated in a $1.6 million funding round in December that several organizations joined.
Shoulder Innovations, which makes replacement shoulders using inset glenoid technology, will use the funding to accelerate new product development and acquire additional inventory. Shoulder Innovations’ revenue grew about 380 percent last year.
Charlie Moret, president of Invest Michigan, praised Shoulder Innovations’ team and the technology.
Skip Simms, managing partner of the Michigan Angel Fund, which invested $325,000, termed the product as disruptive. He said that their design for shoulder replacement beats anything on the market. “What we really liked was they already had their design implanted in patients. We talked to patients, and they said the implant was terrific. It was an easy decision to invest."
Peter Johnston, a surgeon in private practice in Leonardtown, Md., said the Shoulder Innovations’ device geometry improves the way bone forms around it when implanted and reduces a rocking motion in the socket that often is a side effect of other shoulder implants.By Ddu
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