Spine Implant Device Maker that Raised $60M is Closing Down - Archus Orthopedics is Out of Money

The company had some big investors like J and J and loans from GE, but in the midst of their clinical trials, things just went sour and money ran out. There were several comments too from patients who had the implant and spoke very highly, but here goes 60 million of capital gone. I went to the website and all that is left is the main page. We are still seeing signs of not all new technology getting to market. BD

Archus Orthopedics, the Redmond, WA-based developer of implants to help people retain flexibility after back surgery, is shutting down its operations and dissolving after it was unable to raise enough capital to bring the product all the way to the U.S. market, Xconomy has learned.

Archus filed paperwork with the Delaware Secretary of State to dissolve the company and wind down the business, according to a legal notice on The Seattle Times website. Archus CEO Jim Fitzsimmons, reached by phone, said he had no comment.

“Although Archus Orthopedics has been performing very well, we have the unfortunate luck to be a relatively mature, but still pre-revenue company, in need [of] sustaining capital in an extremely challenging financing market,” Fitzsimmons said in a statement back in May.