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news.Orthocon, a developer of intraoperative implant devices, has appointed Paul Sohmer as its new president and CEO. The company has also closed a $25 million round of series B financing led by top-tier healthcare investors.
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Orthocon’s $25 million financing was co-led by ProQuest Investments and Canaan Partners. The round has also included significant participation from Orthocon’s existing stockholder BB Biotech Ventures. Joyce Tsang, general partner of ProQuest Investments and Dr Sohmer both joined Orthocon’s board of directors.
Since its inception in 2005, Orthocon has raised $35 million in venture capital funding. Proceeds from the current financing will support the lead clinical program and additional pipeline development.
Seth Rudnick, chairman of Orthocon, said: “The addition of Paul Sohmer to the team and the strengthening of the finances of the company through ProQuest joining in this round mark a great milestone for the company. With approved products and an advanced clinical program, Orthocon is poised for a breakout success.”