Knee brace manufacturer OrthoCor Medical announced Wednesday that it had closed a $2.4 million angel financing round. Previously, a regulatory filing with the U.S. Securities and Exchange Commission showed that the Minneapolis company had sought to raise $3 million. Along with the financing announcement, CEO John Dinusson said in a statement that the company is […]
Orthopedics medical device startup OrthoCor Medical is getting ready to hire at least two new sales and marketing people. The money will come from a $3 million angel financing round the company hopes to close in May, said CEO John Dinusson. OrthoCor filed its intent to raise $3 million in a regulatory filing in June. […]
Minnesota’s OrthoCor Medical may have won U.S. Food and Drug Administration approval for a line of heat-and-cold wraps for knee and back pain three months ago, but it’s the company’s knee brace system that’s getting all the buzz right now. The Active Knee System was featured on The Dr. Oz Show Wednesday in a segment […]
OrthoCor Medical, a Minnesota knee brace manufacturer, announced Tuesday that the U.S. Food and Drug Administration has cleared its Alleva line of heat and cold wraps for knee and lower back pain among other areas. With the FDA clearance, the products intended to alleviate pain in several areas, including the knee, lower back, ankle, wrist, […]
A Twin Cities knee braces manufacturer is seeking $3 million, according to a recent regulatory filing. OrthoCor Medical, which makes orthopedics medical devices like the company’s Active Knee System, has already raised $1 million of the $3 million it is looking to raise in two weeks, said president and CEO John Dinusson in a phone […]
OrthoCor Medical Inc., a Minneapolis startup that makes an FDA-approved knee brace, has raised $1.5 million from angel investors. The company was one of the first of more than 100 small businesses to register for Minnesota's angel investment tax credit.
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
With less than four weeks left in the year, Minnesota has awarded about 38 percent of the $11-million worth of angel investor tax credits available for 2010. Since launching the program in July, the state has granted about $4 million in tax credits to investors who funded startups ranging from solar energy to drugs to cancer treatments and diabetes, according to figures released this week by the Department of Employment and Economic Development.
The company, which raised $1 million from angel investors last year, has so far raised $16,000 from the latest sale, the SEC documents show.
Over the last six years, uncompensated care has risen by 114 percent, according to the Minnesota Hospital Association. Uncompensated care is made up of charity care and "bad debt" from care that patients never pay for. In 2008, Minnesota hospitals gave away $268 million in uncompensated care.
