Checkpoint Surgical has completed a $1.7m Series B investment round led by the NDI Healthcare Fund in December 2011, and also received non-dilutive funding of over $1.3m including a $1.065 m Innovation Ohio loan and a $245,000 federal grant.
The company will use the amount to support its sales and marketing efforts and to develop new products.
Checkpoint’s flagship product includes the Checkpoint Stimulator/Locator which is a hand-held, intraoperative nerve and muscle stimulator which facilitates surgeons to locate, identify and assess nerves during surgery to facilitate nerve preservation and repair.
Checkpoint Surgical CEO and president Len Cosentino said the Checkpoint has demonstrated market acceptance and is used in a wide range of nerve repair, ENT, orthopaedic, plastic reconstructive, and oncological surgical procedures at many of the nation’s premier hospitals.
"We’ve enjoyed consistent quarterly sales growth since launching the Checkpoint and more than 250% growth in 2011 over 2010," Cosentino said.