Orthocon Inc., a North Brunswick, N.J.-based developer of intraoperative implant devices for the local delivery of therapeutics to bone, has raised $25 million in new VC funding. ProQuest Investments and return backer Canaan Partners co-led the round, and were joined by BB Biotech Ventures.
ORTHOCON‚ Inc. today announced that Paul R. Sohmer, M.D. has joined the company as President and Chief Executive Officer. The company also announced the closing of a $25 million round of financing led by top-tier healthcare investors.
ORTHOCON is developing innovative implantable devices that deliver therapeutics to bone. The Company’s versatile technology platform may be leveraged to deliver a variety of therapeutic agents. ORTHOCON’s lead product is a novel extended release local anesthetic bone hemostat designed to stop bleeding and to provide local pain relief. The Company expects to initiate a pivotal clinical trial with this product in the second half of 2009.
“I am thrilled to join the ORTHOCON team,” said Dr. Sohmer. “I look forward to working with our management team and our investors to build our Company and to bring an array of novel products to market based on ORTHOCON’s innovative platform technology.”
ORTHOCON’s $25 million financing was co-led by ProQuest Investments and Canaan Partners. The round also included significant participation from ORTHOCON’s existing stockholder BB BIOTECH Ventures. Joyce Tsang, Ph.D., General Partner of ProQuest Investments and Dr. Sohmer both joined ORTHOCON’s board of directors.
“ORTHOCON is a great late-stage company with the ideal combination of a promising technology platform, a leadership team with a proven track record and great syndicate partners,” commented Joyce Tsang, Ph.D. “We believe now is the perfect time to back ORTHOCON and we are delighted to be part of the Company.”
“The addition of Paul Sohmer to the team and the strengthening of the finances of the Company through ProQuest joining in this round mark a great milestone for the Company,” said ORTHOCON’s Chairman and Canaan Partners’ board representative, Seth Rudnick, M.D. “With approved products and an advanced clinical program, ORTHOCON is poised for a breakout success.”
Since its inception in 2005, ORTHOCON has raised $35 million in venture capital funding. Proceeds from the current financing will support the lead clinical program and additional pipeline development.
About Paul Sohmer, M.D.
Paul Sohmer brings to ORTHOCON a wealth of leadership experience in addition to a strong clinical background as a former practicing physician. He has served as CEO of both public and privately-held growth companies focused on medical devices, biotechnology and health care services. Most recently, Dr. Sohmer was Chairman of the Board, President and Chief Executive Officer of TriPath Imaging, Inc. (TPTH) which was acquired by Becton Dickinson and Company (BDX). Dr. Sohmer also served as President and Chief Executive Officer of Neuromedical Systems, Inc. (NSIX), a predecessor company of TriPath Imaging, and Genetrix, Inc., a genetic services company which was acquired by Genzyme Corporation (GENZ). Dr. Sohmer was named the Ernst and Young Carolinas Life Sciences Entrepreneur of the Year in 2005.
ORTHOCON is an innovation driven company committed to developing and commercializing a growing portfolio of novel intraoperative implant devices for the local delivery of therapeutics to bone. ORTHOCON wholly owns its technology platform with exclusive rights to develop and commercialize its products in all countries worldwide.