Pappas Capital Portfolio Company Rotation Medical Acquired by Smith & Nephew

Pappas Capital Portfolio Company Rotation Medical Acquired by Smith & Nephew

Dec 6, 2017 –Pappas Capital, a life science venture capital firm, announced today that its portfolio company Rotation Medical Inc. has been acquired by Smith & Nephew plc, a UK-based global medical technology company. Smith & Nephew acquired the company for $125 million in initial cash consideration, plus an additional $85 million in potential milestone payments. Rotation is the second exit this year by a Pappas portfolio company. Earlier this year, portfolio company CoLucid Pharmaceuticals was acquired by Eli Lilly for nearly $1 billion. Since 2014, three portfolio companies founded or co-founded by Pappas have been sold to large pharmaceutical companies: CoLucid; Afferent Pharmaceuticals, bought by Merck in 2016 for $500 million upfront and $750 million in milestones; and Lumena Pharmaceuticals, bought by Shire in 2014 for more than $300 million.

Smith & Nephew Completes Acquisition of Rotation Medical Inc.

Dec 6, 2017 – Smith & Nephew plc (LSE:SN, NYSE:SNN), the global medical technology business, announces it has completed the acquisition of Rotation Medical Inc., the developer of a novel tissue regeneration technology for shoulder rotator cuff repair, supporting the Company’s strategy to invest in innovative technologies that meet unmet clinical needs. The acquisition cost is $125 million and up to a further $85 million over the next five years, contingent on financial performance.

Smith & Nephew Acquires Tissue Regeneration Technology for Shoulder Repair

Oct 23, 2017 – Smith & Nephew plc (LSE:SN, NYSE:SNN), the global medical technology business, today announces that it has entered into a definitive agreement to acquire Rotation Medical Inc., a developer of a novel tissue regeneration technology for shoulder rotator cuff repair, for an initial cash consideration of $125 million and up to $85 million over the next five years, contingent on financial performance.

Rotation Medical Secures $12 Million in Series B Extension Financing

PLYMOUTH, MN (August 16, 2016) – Rotation Medical Inc., a medical device company focused on developing new technologies to treat rotator cuff disease, today announced that it completed a $12 million Series B extension financing. The existing investors – New Enterprise Associates (NEA), Life Sciences Partners (LSP) and Pappas Ventures – all participated in the financing, which is fundable in two tranches: $8 million initially and $4 million in 2017. The company intends to use the proceeds to continue the acceleration of U.S. commercialization activities for the Rotation Medical rotator cuff system, which is comprised of a proprietary bioinductive implant and disposable instruments that allow the arthroscopic procedure to be performed easily and quickly.

Rotation Medical Initiates Post-Market Clinical Study Of Rotator Cuff Repair System With Bioinductive Implant

– First patient enrolled and treated by Ted Schlegel, MD, at Steadman Hawkins Clinic in Denver –
Plymouth, MN – September 15, 2014 – Rotation Medical, a medical device company focused on developing new technologies to treat rotator cuff disease, today announced that it has initiated a multi-center post-market clinical study evaluating the use of the Rotation Medical rotator cuff system in treating supraspinatus rotator cuff tendon tears. The study will be conducted with leading orthopaedic and sports medicine surgeons across the U.S., including Ted Schlegel, MD, from Steadman Hawkins Clinic, Jeffrey Abrams, MD, from Princeton Orthopaedic Associates and Timothy Codd, MD, from Towson Orthopaedic Associates/University of Maryland Medical System, among others.

MedStar Union Memorial Hospital is First Hospital in Country to Offer Rotation Medical Rotator Cuff System for Minimally Invasive Rotator Cuff Procedures

MedStar Union Memorial Hospital is First Hospital in Country to Offer Rotation Medical Rotator Cuff System for Minimally Invasive Rotator Cuff Procedures

BALTIMORE, MD — (Marketwired) — 07/30/14 –– MedStar Union Memorial Hospital, part of MedStar Orthopaedics, is the first hospital in the United States to offer the Rotation Medical Rotator Cuff System, a new minimally invasive technology potentially providing relief for millions of patients suffering from rotator cuff disease.

The procedure, to be performed by Les Matthews, MD, chief of orthopaedics at MedStar Union Memorial and medical director of MedStar Orthopaedics, uses a new bioinductive implant technology that induces the formation of new tendon-like tissue to effectively treat rotator cuff tendon tears in the shoulder joint.

Rotator cuff tendon tears affect more than four million people annually in the United States and are the most common source of shoulder pain and disability. Tears occur most often from repetitive overuse of the shoulder, or from sudden stress caused by an acute injury; the risk of injury increases with age. Tears that start out small, over time, often develop into larger, more painful and debilitating tears due to continuing degeneration of the torn tendon.

Rotation Medical Completes $27.2 Million Series B Financing

Funds to Support Commercial Launch and Post-Market Clinical Studies of Rotator Cuff System with Bioinductive Implant for Treating Rotator Cuff Disease

PLYMOUTH, MINN. — July 1, 2014 – Rotation Medical, a medical device company focused on developing new technologies to treat rotator cuff disease, today announced that it has secured $27.2 million in an oversubscribed Series B financing. Life Sciences Partners (LSP), a new investor, and New Enterprise Associates (NEA) co-led the financing, which also included new investor Pappas Ventures and others. Fouad Azzam, Ph.D., from LSP and Scott Weiner from Pappas Ventures will join the Rotation Medical Board of Directors. The funding will support the commercial launch and post-market clinical studies of the Rotation Medical rotator cuff system.