Three months after demonstrating its “vertebral fixation” technology in a spine surgery on a human, Waypoint Orthopedics has raised $650,000 from MedTech accelerator fund Runway Healthcare in an ongoing funding round, according to an SEC filing. So far, the Philadelphia startup has attracted $3 million from investors.
“Vertebral fixation” is a surgical procedure to treat fractures, deformities and degeneration. Using synthetic devices — such as rods, plates and screws — surgeons anchor two or more vertebrae, reducing mobility to minimize further damage to the spinal cord or spinal roots.
GPS for Surgeons
Founded by spine surgeon Dr. Stephen Banco and Runway Healthcare, Waypoint has developed spinal surgical navigation technology that helps surgeons see the color of bones, as they traverse through the pedicle — the narrow base of bones.
The “smart” guided pedicle system, dubbed Waypoint GPS, uses a proprietary color-sensing technology, run wirelessly from an app-based operating system. The procedure optimizes placement of screws, and is considered key to the success of vertebral fixation.
For the first time in September, Banco used the FDA-approved Waypoint GPS in a surgery, instead of the traditional fluoroscopic guidance. This helped identify optimal paths for his pedicle screws, prior to tapping and executing the procedure. Waypoint said the real-time feedback from the system helped Banco to carefully monitor and adjust every movement, ultimately leading to a 100% accuracy in screw placement, with zero pedicle breaches.
Commercial Real Estate
MacKenzie Companies
Advertising / Media / Communications / Public Relations
Nevins & Associates
Financial Services / Investment Firms
Chesapeake Corporate Advisors
Commercial Real Estate
Monday Properties
Venture Capital
Blue Delta Capital Partners
Internet / Technology
Foxtrot Media
Redefining Spine Surgeries
“We are immensely proud of Dr. Banco’s accomplishment and the successful integration of our Waypoint GPS technology into clinical practice,” said Jeffrey F. O’Donnell, Jr., president and CEO of Waypoint Orthopedics. “This achievement is a testament to our commitment to innovation and improving patient care. We look forward to witnessing the continued impact of this technology on the lives of countless patients.”
Banco said the technology has the capacity to redefine spine surgeries.“Its accuracy and real-time feedback empower surgeons to make informed decisions during procedures, resulting in better patient outcomes and reduced recovery times,” said Banco.
Waypoint Orthopedicsis majority-owned by Runway Healthcare, a MedTech accelerator fund led by managing general partner Jeff O’Donnell, Sr. Runway, which raised less than $10 million in its first venture fund, is now aiming to raise $30 million.
