Blue Belt Technologies, a Pittsburgh-based medical device company which develops surgical instruments for use in orthopaedic and neurosurgery procedures, has closed on a USD2.4m private equity series A round of financing.
The round was led by private investors and included the Pittsburgh Life Sciences Greenhouse and Innovation Works (Pittsburgh) and consisted of both new investments and the conversion of existing convertible notes.
"This investment will be used to finalise development and prepare for FDA submission of our core product, the Precision Freehand Sculptor, and will provide the resources necessary to prepare for full market release of our orthopaedic and neurosurgical products," says Craig S. Markovitz, Blue Belt Technologies’ chief executive officer. "We are pleased to have such an impressive group of investors and partners share our vision to provide a cost effective, highly capable solution for bone based computer assisted procedures."
"We continue to be impressed by Blue Belt’s combination of innovative technology, passionate, experienced leadership and large market potential," says John W. Manzetti, Pittsburgh Life Sciences Greenhouse president and chief executive. "Blue Belt Technologies is a great example of the Pittsburgh Life Sciences Greenhouse model of taking technologies from concept to commercialization and we look forward to the company’s release into the orthopaedic and neurosurgical markets."
Blue Belt Technologies’ patented Precision Freehand Sculptor provides precise control to surgeons via a handheld, computer assisted bone cutting tool. PFS provides the surgeon with a layer of safety and enhanced accuracy while performing bone shaping tasks through minimally invasive incisions. Its control system monitors the position of the tool and adjusts the depth of cut (or disables cutting entirely) based on its proximity to bone that it should – or should not – remove.
The company initially plans to release a computer assisted bone shaping product for spine, hip and knee based procedures via its PFS Developers Kit to allow existing surgical navigation platforms to integrate PFS capability onto the estimated 8,000 navigation systems installed worldwide. The company is also developing an independent platform for other bone based procedures.