Company targets $34M raise to commercialize
personalized knee replacement robot and implants
Today, Monogram Orthopedics, the startup advancing the future of
joint replacement surgery, announced it has crossed a five thousand
Series B investor milestone on crowdfunding platform StartEngine.
Aiming to personalize the $19.6B joint replacement market through
artificial intelligence, robotics, and 3D printing, Monogram
Orthopedics is targeting a $34M raise to scale and bring their
technology to market. The company expects to kick off its unmatched
personalized approach with its first total knee arthroplasty
("TKA") implant FDA submission planned for later this year.
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Monogram operating theater and surgical
robot for total knee replacement. (Photo: Business Wire)
To date, innovation in orthopedics has lagged behind many other
surgical specialties. While the rise in personalized medicine has
driven advances in numerous fields, progress in orthopedics remains
sluggish, with standardized implants and procedures stubbornly
persisting as the standard of care. Unfortunately, this standard in
joint replacement surgery doesn’t always serve patients, with
approximately 100,000 hip and knee replacement failures every year
and 36 percent of patients regretting their procedure altogether.1
Monogram believes that much of this dissatisfaction and many of
these failures and surgical complications can be easily mitigated
and are in fact unnecessary with technology advances, such as those
they are developing.
Thanks to significant improvements in robotics, innovative new
manufacturing techniques like 3D printing of medical-grade titanium
alloys and new machine learning (AI) image processing techniques,
opportunities to exploit technology and significantly improve
patient quality of life are emerging. Fifty percent of knee
replacements will be performed robotically by 2027, a fivefold
increase in less than six years.2 Interestingly, all joint
replacement procedures using robotic assistance today continue to
use "off-the-shelf" implants. A more personalized approach offers
the potential to disrupt the orthopedics field. Monogram aims to do
this with a “one-size fits none” model by offering patients an
enhanced individualized fit, well suited for each patient’s
individual needs.
"We started Monogram Orthopedics to build a completely different
kind of orthopedics company, free of the constraints that many of
the large companies face when trying to innovate," said Dr. Doug
Unis, a board-certified orthopedic surgeon, co-founder and chief
medical officer, Monogram Orthopedics and Chief of Quality
Improvement at Mount Sinai West. "We are poised to do what no other
company has done in the total joint arthroplasty market before –
harness technology to build truly personalized implants that fully
tap into the power of intelligent robotics."
Monogram Orthopedics' proprietary approach to TKA surgeries will
address major problems in joint replacement, including mechanical
loosening, bone loss, dislocation, ease of revision and fracture.
Using the Monogram software platform and product solution
architecture, surgeons will be able to design optimized implants
that improve stability and physiological loading.
The company’s research suggests that implants can be inserted
into the patient's anatomy with more precision and notable
improvement. In a laboratory test at the University of Nebraska
Medical Center, a procedure was performed benchmarking against a
competitor's technology, which is one of the most clinically and
commercially successful knees on the market, and showed the
competitive product had up to 630% more micromotion than the
Monogram implant placed with their surgical robot.3
Backed by a seasoned team of board-certified medical leaders and
top technology talent from prestigious educational and medical
institutions, Monogram Orthopedics includes executives, engineers,
data scientists and advisors from Yale University, California
Institute of Technology, Columbia University, Mount Sinai Health
System, Think Surgical Inc., Motional and the Orthopedics Institute
for Children, among others.
The company's crowdfunding campaign is currently underway on
StartEngine to allow patients and caregivers to be active
participants in the advancement of precision joint replacement
surgeries.
More than 1 million knee replacement surgeries are done a year
in the United States alone, a figure that is expected to grow to
3.5 million by 2030.4 To date, the company has raised over $20M and
is currently raising up to $34M in its active series-B round.
The proceeds will help commercialize technology that meets the
massive need for knee replacement technology that is well suited
for active patient lifestyles, with minimized risk for additional
surgeries down the line. To invest in Monogram Orthopedics and
shape the future of joint replacement surgery, visit
https://www.startengine.com/monogram.
ABOUT MONOGRAM ORTHOPEDICS
Monogram Orthopedics offers a distinctive tech-driven vision for
the future of orthopedic surgery: a robotic platform paired with
personalized implants. Poised to be the first to market with an
active milling navigated robot arm with 3D-printed,
patient-optimized implants, Monogram will lead the orthopedic
market to an era of improved surgical care for joint replacement
patients. Monogram was founded by practicing Mount Sinai Hospital
orthopedic surgeon, Douglas Unis, and is led by a team of experts
in the field of surgical robotics and implant design. The company
is headquartered in Austin, Texas.
Sources
1.
http://www.orthopaper.com/archives/2016/vol2issue2/PartA/Ortho-1-2-69.pdf
2. C. Pabinger, H. Lothaller, A. Geissler Utilization rates of
knee-arthroplasty in OECD countries, Osteoarthr Cartil, 23 (10)
(2015), pp. 1664-1673
Healthcare Cost and Utilization Project (HCUP) Nationwide
Inpatient Sample (NIS), Statistical Brief # 186 (2014),
http://www.hcup-us.ahrq.gov/reports/statbriefs/sb186-Operating-Room-Procedures-United-States-2012.pdf,
Accessed 16th Sep 2015
M. Cross, E. Smith, D. Hoy, S. Nolte, I. Ackerman, M. Fransen,
et al. The global burden of hip and knee osteoarthritis: estimates
from the global burden of disease 2010 study, Ann Rheum Dis, 73 (7)
(2014), pp. 1323-1330
3. Monogram Orthopedics internal study
4.
https://www.perceptionhealth.com/research/5-5-million-patients-trending-toward-knee-joint-replacement#:~:text=By%202030%2C%20total%20knee%20replacement,dramatic%20reduction%20of%20knee%20pain.
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Diane Zuniga Golin 909.510.0433 dzuniga@golin.com