There are people around the world who suffer hardship associated with limb loss, and many of them live in impoverished areas with little to no access to prosthetic care. Xtremity started its journey with the desire to develop a prosthetic socket that could be fabricated in remote locations with less equipment and expertise, and it succeeded, managing to create a product to transform care for those living with limb loss. Now, Xtremity plans to use the $8.1 million in new funding to bring its prosthetic technology to market.
Xtremity, a premium medical device brand that develops advanced prosthetic socket technology, today announced closing of a Series B3 financing round, totaling $8.1 million with strong insider participation and the addition of several prominent new investors. The cash infusion will support establishing Xtremity as a leading developer and provider of advanced prosthetic technologies by bringing its first product, an innovative transtibial prosthetic socket, the XtremityTT, to market.
“Xtremity was formed to re-envision prosthetic development and to transform care for individuals living with limb loss or limb difference,” said Maynard Carkhuff, president, and chief executive officer at Xtremity. “With a mission to enhance the patient experience, Xtremity is introducing the first and only socket on the market that enables rapid fabrication and future adjustability; this financing will be crucial in launching XtremityTT and expanding our company.”
The medical device maker is quickly disrupting the category with its advanced, proprietary polymer materials that allow for quicker socket device fabrication, fittings and easy adjustments. The company’s first product, the XtremityTT, is a transtibial socket that can be effectively reshaped with heat. This allows for a quicker turnaround time and reduced appointments for the patient to receive their final definitive socket, thereby reducing the time that patients have to be away from work and family compared to traditional prosthetic sockets. Added benefits for the clinician are that they can quickly fabricate the socket inhouse, as opposed to relying on outside lab facilities to fabricate sockets and allowing them to fit, adjust and deliver the prosthetic device more quickly compared to traditional laminated sockets.
“Xtremity is changing the way people look at fabricated prosthetic device sockets,” added Carkhuff. “Our system was developed with the patient’s time and comfort at the forefront of its design, and we are eager to provide this innovative technology to the amputee community as we commercialize the XtremityTT socket.”
The original press release can be found on Business Wire.