NEW YORK and PITTSBURGH, December 7, 2011 /PRNewswire/ --
HealthpointCapital, LLC ("HealthpointCapital") announced today the purchase of Blue Belt Technologies, Inc. ("Blue Belt" or "Company"). Blue Belt is developing the next generation of "smart" surgical instruments for use initially in orthopedic procedures and then for other surgical specialties including neurosurgery and otolaryngology ("ENT"). Terms of the transaction were not disclosed.
"Blue Belt is HealthpointCapital's first acquisition to create the worldwide leader in providing a continuum of care for patients suffering from orthopedic diseases," stated Mortimer Berkowitz III, President and Managing Director of HealthpointCapital. "Historically, patients with arthritic disorders have had limited treatment options. We will offer more treatments for patients throughout their disease - resulting in a broader continuum of care. Blue Belt's Navio PFS system is a perfect flagship technology to lead our investment strategy because of its superiority to currently marketed robotic systems."
HealthpointCapital also announced the appointment of Eric B. Timko as President and CEO of Blue Belt. Mr. Timko brings with him over 20 years of experience in the medical device industry and has a proven track record in commercializing medical technologies as well as building effective and profitable sales and distribution organizations. "I am excited to join Blue Belt at this crucial time as we enter into the commercialization phase of the Company. The significant research and development efforts of the Blue Belt team have resulted in the Navio PFS having many advantages over other systems available in the market, the most compelling being the small footprint and cost effectiveness of the system. We look forward to introducing our technology to physicians around the world."
Blue Belt Technologies, Inc.
Blue Belt Technologies, Inc. is developing the next generation of "smart" surgical instruments for use initially in orthopedic procedures and other surgical subspecialties. The company's Navio PFS System incorporates patented technology to provide precise control to surgeons via an intelligent, handheld, computer assisted bone cutting tool. The Navio PFS System provides the surgeon with a layer of safety and enhanced accuracy while performing bone shaping tasks through minimally invasive incisions.
HealthpointCapital is a values-driven, research-based private equity firm exclusively focused on the orthopedic and dental device businesses. HealthpointCapital has $750 million of institutional capital under management and is the only firm of its kind to focus exclusively on the $40 billion worldwide orthopedic and dental device industry.
SOURCE HealthpointCapital, LLC