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Leading this Series D financing as the majority investor is FrazierHealthcare Ventures, one of the nation's leading providers of venture andgrowth equity capital to emerging healthcare companies. Alan Frazier, GeneralPartner and Founder of Frazier Healthcare Ventures will join Trevor Moody,General Partner of Frazier Healthcare, and Steven Tallman, Venture Partner ofFrazier Healthcare on Ascension's Board of Directors.
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"We feel that Ascension is uniquely positioned to experience substantialrevenue growth with the expansion of its distribution network and product lineand are pleased to have the opportunity to be a part of this growthdevelopment," comments Trevor Moody, General Partner of Frazier Healthcare.
In addition to this financing, Ascension Orthopedics is pleased toannounce that Mr. Andrew J. Miclot will join the company as CEO. Mr. Miclotbrings more than 25 years of experience in executive management and marketingwithin the orthopedic industry. He was most recently Global Senior VicePresident of Marketing Orthopedics at Orthofix. Prior to this, he held seniorpositions at leading medical device companies including Symmetry Medical,DePuy and Zimmer. During his 13 years at Symmetry Medical, where he held avariety of senior positions including Senior Vice President and InvestorRelations Officer, Andy played a meaningful role in growing Symmetry's annualrevenues from approximately $10MM to over $260MM. "I am very excited to havejoined Ascension Orthopedics and to have the opportunity to work with theexisting management team and board of directors. Ascension is uniquelypositioned for significant growth in the orthopedics extremities marketplace,"said Mr. Miclot.
"I am extremely pleased Frazier Healthcare Ventures has the confidence inAscension to provide this important round of equity financing that will enableus to expand further on the key cornerstones of our business -- productinnovation and marketing," said Jerome Klawitter, PhD. Founder, ChiefScientific Officer and former CEO. "I look forward to turning over my CEOduties to Mr. Miclot and working with him to leverage our respectivebackgrounds in product innovation and product marketing."
About Ascension Orthopedics, Inc.
Ascension Orthopedics began product development in Austin, Texas in 1996and in 2001 received FDA PMA approval for its first product, an innovativepyrolytic carbon total joint replacement for the MCP (Knuckle) joint of thehand. The company has since increased its joint replacement product line toinclude implants for the shoulder, elbow, wrist, fingers and toes. Inaddition to joint replacements, Ascension Orthopedics offers trauma productsto treat bone fractures occurring in the hand and arm as well as the foot andankle. Ascension also markets tissue regeneration products for the upper andlower extremities, including implants that help reconnect severed nerves andimplants intended to reduce adverse tissue adhesions that often occurfollowing surgical procedures. Ascension Orthopedics sells product in theUnited States and in more than 20 foreign countries worldwide.
About Frazier Healthcare
Founded in 1991 and with more than $1.8 billion of capital undermanagement, Frazier Healthcare is one of the nation's leading providers ofventure and growth equity capital to emerging healthcare companies. Havinginvested in more than 100 emerging healthcare companies, Frazier Healthcare iswell know