Investors with Tamiami Angel Funds were among the first to recognize the potential for the Naples-based company’s novel shoulder-surgery technology.
NAPLES, Fla. (May 21, 2019) — Catalyst OrthoScience Inc. recently raised $12.7 million in venture capital financing, validating the decision by early investors including Tamiami Angel Funds to back the Naples-based medical device company three years ago.
A review of the venture capital database PitchBook reveals that the recent $12.7 million investment led by River Cities Capital Funds for Catalyst was the largest venture capital sum raised for any company headquartered in Naples, according to Timothy Cartwright, partner at Fifth Avenue Family Office and chairman of Tamiami Angel Funds.
Tamiami Angel Fund II was the lead investor in Catalyst’s first round of venture-capital financing in 2016 with an initial investment of $930,000. In total, investors with Tamiami Angel Funds have invested $1.4 million in Catalyst.
“Catalyst is a true homegrown success story as our investors recognized the innovative technology created by Naples orthopedic surgeon Dr. Steven Goldberg,” says Cartwright. “With this latest round of financing, Catalyst is well on its way to becoming the global medical-device company we expect it to become.”
Tamiami Angel Funds now consist of three member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference for those in the state of Florida.
“Funding local companies such as Catalyst helps diversify Southwest Florida’s economy by providing the link between entrepreneurs like Steven Goldberg and Naples investors,” says Cartwright. “The region’s need for economic diversification during the last recession was the driving force behind the creation of Tamiami Angel Funds 12 years ago.”
Designed by surgeons for surgeons, the Catalyst CSR™ Total Shoulder System is a disruptive technology because of its unique approach to shoulder replacement. The humeral component replicates the natural shape of the shoulder more closely than current shoulder replacement implants. In addition, the device uses patented surgical instruments and a surgical technique that requires less bone removal than current procedures for shoulder replacement. Today, the Catalyst CSR system has been used successfully in more than 1,000 surgeries with excellent clinical results.
In a statement on May 14 announcing the $12.7 million investment by River Cities, Catalyst Chairman and CEO Brian K. Hutchison said: “This funding will be instrumental in fueling rapid growth for Catalyst through increased inventory, expanded distribution and new product development. The additional funding will allow us to enhance company infrastructure and hire additional talent to support our growth and to bring our novel approach to total shoulder arthroplasty to surgeons and their patients.”
You can read the full text of Catalyst’s announcement on the company’s website at www.CatalystOrtho.com, click on the “Events & News” tab. For more information about Tamiami Angel Funds, visit www.tamiamiangels.com.
About Tamiami Angel Funds
Tamiami Angel Fund I, Tamiami Angel Fund II, and Tamiami Angel Fund III are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. The funds are members of the Angel Capital Association and the Florida Venture Forum. For more information, visit www.tamiamiangels.com.
About Catalyst OrthoScience Inc.
Catalyst OrthoScience develops and markets surgical implants that make orthopedic surgery less invasive and more efficient for both surgeons and patients. Catalyst was founded in 2014 by orthopedic surgeon Steven Goldberg, M.D., who saw the need to make shoulder replacement surgery less invasive and give patients a more natural-feeling shoulder after surgery.
The company's first offering, the Catalyst CSR Total Shoulder System, represents the next evolution in total shoulder arthroplasty. The Catalyst CSR is a single-tray, bone-preserving total shoulder arthroplasty system containing a precision elliptical humeral head and less invasive glenoid component, using specialized ergonomic instrumentation designed for consistent anatomic joint line restoration and glenoid insertion. The Catalyst CSR system can be used in both inpatient and outpatient settings and was cleared for use by the FDA in 2016.
Catalyst OrthoScience has a growing portfolio of 10 granted U.S. patents with several more pending nationally and internationally. The company is headquartered in Naples, Fla., and its products are available across the U.S. For additional information on the company, please visit www.CatalystOrtho.com.
NAPLES, Fla. (May 21, 2019) — Catalyst OrthoScience Inc. recently raised $12.7 million in venture capital financing, validating the decision by early investors including Tamiami Angel Funds to back the Naples-based medical device company three years ago.
A review of the venture capital database PitchBook reveals that the recent $12.7 million investment led by River Cities Capital Funds for Catalyst was the largest venture capital sum raised for any company headquartered in Naples, according to Timothy Cartwright, partner at Fifth Avenue Family Office and chairman of Tamiami Angel Funds.
Tamiami Angel Fund II was the lead investor in Catalyst’s first round of venture-capital financing in 2016 with an initial investment of $930,000. In total, investors with Tamiami Angel Funds have invested $1.4 million in Catalyst.
“Catalyst is a true homegrown success story as our investors recognized the innovative technology created by Naples orthopedic surgeon Dr. Steven Goldberg,” says Cartwright. “With this latest round of financing, Catalyst is well on its way to becoming the global medical-device company we expect it to become.”
Tamiami Angel Funds now consist of three member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference for those in the state of Florida.
“Funding local companies such as Catalyst helps diversify Southwest Florida’s economy by providing the link between entrepreneurs like Steven Goldberg and Naples investors,” says Cartwright. “The region’s need for economic diversification during the last recession was the driving force behind the creation of Tamiami Angel Funds 12 years ago.”
Designed by surgeons for surgeons, the Catalyst CSR™ Total Shoulder System is a disruptive technology because of its unique approach to shoulder replacement. The humeral component replicates the natural shape of the shoulder more closely than current shoulder replacement implants. In addition, the device uses patented surgical instruments and a surgical technique that requires less bone removal than current procedures for shoulder replacement. Today, the Catalyst CSR system has been used successfully in more than 1,000 surgeries with excellent clinical results.
In a statement on May 14 announcing the $12.7 million investment by River Cities, Catalyst Chairman and CEO Brian K. Hutchison said: “This funding will be instrumental in fueling rapid growth for Catalyst through increased inventory, expanded distribution and new product development. The additional funding will allow us to enhance company infrastructure and hire additional talent to support our growth and to bring our novel approach to total shoulder arthroplasty to surgeons and their patients.”
You can read the full text of Catalyst’s announcement on the company’s website at www.CatalystOrtho.com, click on the “Events & News” tab. For more information about Tamiami Angel Funds, visit www.tamiamiangels.com.
About Tamiami Angel Funds
Tamiami Angel Fund I, Tamiami Angel Fund II, and Tamiami Angel Fund III are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. The funds are members of the Angel Capital Association and the Florida Venture Forum. For more information, visit www.tamiamiangels.com.
About Catalyst OrthoScience Inc.
Catalyst OrthoScience develops and markets surgical implants that make orthopedic surgery less invasive and more efficient for both surgeons and patients. Catalyst was founded in 2014 by orthopedic surgeon Steven Goldberg, M.D., who saw the need to make shoulder replacement surgery less invasive and give patients a more natural-feeling shoulder after surgery.
The company's first offering, the Catalyst CSR Total Shoulder System, represents the next evolution in total shoulder arthroplasty. The Catalyst CSR is a single-tray, bone-preserving total shoulder arthroplasty system containing a precision elliptical humeral head and less invasive glenoid component, using specialized ergonomic instrumentation designed for consistent anatomic joint line restoration and glenoid insertion. The Catalyst CSR system can be used in both inpatient and outpatient settings and was cleared for use by the FDA in 2016.
Catalyst OrthoScience has a growing portfolio of 10 granted U.S. patents with several more pending nationally and internationally. The company is headquartered in Naples, Fla., and its products are available across the U.S. For additional information on the company, please visit www.CatalystOrtho.com.
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