Medical-device maker in Boulder raises $7.5M
Last Updated: 14:36 May 19, 2014
The Boulder-based company in February received U.S. Food and Drug Administration approval to sell its 5-millimeter surgical stapler, and began selling it shortly thereafter. The stapler hit the market just months after JustRight launched its 3-mm surgical vessel sealing system.
JustRight landed about $10.5 million in venture capital last year as it geared up for the launch of the two products. The new round included participation from 50 investors, according to documents filed with the Securities and Exchange Commission.
JustRight's chief executive and co-founder, Russ Lindemann, said the latest round was funded by the same group of local investors the company has dealt with previously. JustRight, founded in 2010, has raised $22.5 million in venture capital to date.
"We are pretty fortunate," Lindemann said. "It was fully subscribed by existing shareholders."
JustRight, whose products are manufactured in Boston, specializes in developing medical devices that are "right-sized" for smaller spaces. Pediatric surgeons, Lindemann said, have found the devices useful in children, where visualization and maneuvers are tight. But the devices are for use in any general surgical applications, Lindemann said, fitting well with the movement toward smaller incisions that result in less scarring and shorter healing time.
JustRight has 12 employees, but Lindemann said that number will grow to 20 to 25 by the end of this year and to 30 to 35 by the end of 2015 as marketing efforts increase. The company will be adding sales reps in major metro areas throughout the country and expand its reach into Europe by the end of this year.
Some of the new funding will go toward product development. Lindemann said he hopes to have a couple of more products in the approval process with the FDA by the end of the year, though didn't offer specifics.
"We're staying true to bringing right-sized instruments to small cavities," Lindemann said.
Lindemann declined to disclose what JustRight's revenue has been so far, noting that "We're really moving into revenue in full this year."
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