Navigation Links
ORTHOCON Announces Appointment of New CEO and $25 Million Series B Financing
Date:4/8/2009

NORTH BRUNSWICK¿ N.J.¿ April 8 /PRNewswire/ -- 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.

About ORTHOCON

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.


'/>"/>
SOURCE ORTHOCON, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Mylan Announces Clarinex(R) Settlement Agreement
2. Aethlon Medical Announces CEO Interview and Corporate Presentation Available Online
3. Misonix Announces the Sale of Its Ultrasonic Laboratory Business for $3.5 Million to iSonix LLC
4. Lincoln Financial Group Announces Family Care Reimbursement Benefit Rider on LTD Policies
5. Shamir Optical Industry Ltd. Announces Receipt of Notice from Nasdaq of Noncompliance with Nasdaq Audit Committee Composition Requirements
6. UnitedLex Announces Strategic Alliance with Oval Ideas to Enable Superior Patent Analytics
7. Avineuro Pharmaceuticals, Inc. Announces Beginning of Phase I Clinical Studies of AVN-101, Potent Small Molecule for Treatment of Alzheimers Disease.
8. Health Career Agents Announces SBA Pre-Approval Program to Launch a Healthcare Recruiting Business
9. M2S Announces Agreement with AG Mednet to Provide Clinical Trial Sponsors with More Options for Efficient Image Transfer and Collection
10. Immucor Announces Fiscal Third Quarter Results
11. IGI Announces Portal Designed to Maximize Data Sharing Between Hospitals and Their Affiliated Physicians
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/17/2017)... ... February 17, 2017 , ... Like most hospitals across ... Driven in large part by the Hospital Readmission Reduction Program (HRRP), the return of ... focus area for hospitals across the nation. While many providers are struggling to leverage ...
(Date:2/17/2017)... ... 17, 2017 , ... The Mason Pasquin Agency, a Virginia-based ... owners in and around the Hampton Roads metropolitan region, is joining the local ... domestic violence. , There are multiple categories of domestic violence – physical abuse ...
(Date:2/16/2017)... ... February 17, 2017 , ... Harsha ... 10 years of research, development and clinical trials, the founder of Chigurupati Technologies ... patented compound of FDA approved ingredients that when infused into alcohol, protect the ...
(Date:2/16/2017)... ... 17, 2017 , ... Teaching nursing care of vulnerable children is the focus ... is being created with the support of the Hearst Foundations. An initiative of the ... address what has been identified as a critical gap in preparing the next generation ...
(Date:2/16/2017)... Mt. Kisco, New York (PRWEB) , ... February ... ... Westchester Hospital’s (NWH) nursing professionalism, teamwork and superiority in patient care, NWH ... Chair of the Commission on Magnet on Tuesday, January 31, 2017. The American ...
Breaking Medicine News(10 mins):
(Date:2/17/2017)... , February 17, 2017 ... the S&P 500 edged lower at the closing bell, ... streak above the 20,000 benchmark. Moreover, five out of ... Taking into consideration yesterday,s market sentiment, Stock-Callers.com assessed the ... & Nephew PLC (NYSE: SNN ), ABIOMED ...
(Date:2/16/2017)... Research and Markets has announced the ... Technologies" report to their offering. ... Traditional medical devices include ... non-drug coated implantables, large endoscopes, needle based drug delivery, lab ... last two to three decades for the treatment and management ...
(Date:2/16/2017)... -- The global preparative and process chromatography market is ... USD 5.49 billion in 2016, at a CAGR of ... the preparative and process chromatography market is segmented into ... chromatography segment is expected to account for the largest ... in this segment can primarily be attributed to the ...
Breaking Medicine Technology: