Apos Medical will use funds to increase its sales capabilities in new territories
Medical devices maker Apos Medical Assets has secured $11m in a new series A extension funding round led by existing shareholders.
Existing investor aMoon, company insiders and directors have participated in the funding round.
Apos Medical directors board chair Joseph Mark said: “AposTherapy has entered into an exciting phase with double-digit quarter over quarter growth and a management team focused on increasing distribution, payer coverage, and bringing enhanced products and capabilities to the market.”
Apos Medical will use the funding to increase its sales capabilities in new territories, in addition to enhancing account management expertise and direct to consumer marketing activities.
The funding will also support R&D activities on the next-generation AposTherapy device
The funding will also be used to support research and development (R&D) activities on the next-generation AposTherapy device with built-in sensor technology to deliver real-time biometric data to the cloud.
Apos will also use funds to upgrade clinical tracking systems for supporting customers, behaviour modification technology, improve behaviour modification technology and enhance business intelligence to better manage its data sets.
AposTherapy, which is an FDA-approved treatment for knee osteoarthritis, can be used as a wellness device for other musculoskeletal conditions such as lower back pain.
Designed to work on biomechanical and neuromuscular levels, the AposTherapy combines a foot-worn patented medical device with a treatment programme.
According to the company, extensive clinical research showed that AposTherapy has significantly enhanced pain relief in the patients, helping to improve their daily function and quality of life.
Apos Medical Assets CEO and president Cliff Bleustein said: “This funding round is a continued validation of our success in creating value for payers, new treatment options for providers, and solutions for patients living with musculoskeletal pain.
“AposTherapy decreases pain, improves function, and is a potential alternative to invasive surgery for people with knee osteoarthritis, and is used as part of a healthy lifestyle in patients suffering from chronic back and hip pain.”
In August 2019, Fuse Medical announced the launch of Sterizo Total Knee Replacement System.