Blue Belt Closes $40MM Debt Financing with CR Group
Blue Belt Technologies and CR Group closed a senior secured term loan for up to $40 million of capital. Blue Belt Technologies is an orthopaedic surgical technology company with a focus on commercializing the next generation of robotic-assisted surgical tools.
The company’s flagship product, the Navio Surgical System, received CE Mark and FDA 510(k) clearance in 2012 and has been commercial in the U.S. since February, 2013. The Navio system provides robotic-assistance for partial knee replacement procedures through proprietary CT-free navigation software and a unique hand held computer controlled bone shaping tool.
“Blue Belt Technologies represented a unique and compelling investment opportunity for CRG. We were impressed with the company’s track record that showed a history of completing important milestones on time and on budget. Over the past few months, Blue Belt has executed co-marketing agreements with major players in the space (with more expected to follow), expanded its bench strength, released a new application and has significantly progressed in the development of new applications that fulfill unmet clinical needs in orthopedics. We are pleased to provide Blue Belt with capital to invest in long term growth and continue the momentum that they have established,” said Charles Tate, chairman of CRG.
“We could not be more pleased to partner with the team at CRG. Our ability to continue our established momentum, grow our commercial footprint and expand our technology platform across multiple specialties will be fuelled by this CRG investment. Our focus remains on improving patient outcomes by delivering robotic assisted solutions for underserved clinical needs,” said Eric B. Timko, president and CEO of Blue Belt Technologies. “Further, this capital will enable us to deepen our collaborations with strategic partners across business and technology initiatives.”
Blue Belt Technologies is developing the next generation of “smart” surgical instruments for initial use in orthopedic procedures and then for other surgical specialties including neurosurgery, spinal and otolaryngology.