Checkpoint Surgical completes $1.7M Series B investment round

Neurodevice firm Checkpoint Surgical completed a $1.7 million Series B investment round led by the NDI Healthcare Fund in December 2011, and secured non-dilutive funding of over $1.3 million, including a $1.065 million Innovation Ohio loan and a $245,000 federal grant.

Checkpoint Surgical was founded in 2009 in Cleveland, Ohio. In 2010, the company launched its flagship product, the CHECKPOINT® Stimulator/Locator, the first in a line of neuroprotective surgical devices. The CHECKPOINT® Stimulator/Locator is a state-of-the-art hand-held, intraoperative nerve and muscle stimulator that helps surgeons to locate, identify and evaluate nerves during surgery to facilitate nerve preservation and repair.

"Over the past year, the CHECKPOINT® has demonstrated market acceptance and is used in a wide range of nerve repair, ENT, orthopaedic, plastic reconstructive, and oncological surgical procedures at many of the nation's premier hospitals," said Len Cosentino, CEO and president of Checkpoint Surgical. "We've enjoyed consistent quarterly sales growth since launching the CHECKPOINT® and more than 250% growth in 2011 over 2010."

Checkpoint Surgical is using the funding to support its sales and marketing efforts and new product development. The company distributes its products in the U.S. through a combination of direct sales and distributors.

SOURCE Checkpoint Surgical