Toetal Solutions Raises $1.02 Million in New Financing
PHILADELPHIA, March 21, 2022 (Newswire.com) - Toetal Solutions, Inc., a foot and ankle medical device company pioneering effective solutions for foot and ankle deformities, announced it has closed $1.02M in its initial round of financing, from Runway Healthcare, LP, a medical device accelerator. Proceeds from the funding will enable Toetal to rapidly scale the development of its flagship product, the Ziptoe™ Hammertoe System.
The Ziptoe™ Hammertoe System is designed to enable foot and ankle surgeons to address rigid hammertoe deformities with a simple, easy-to-use implant. The Ziptoe system features a proprietary deployable nitinol implant that comes sterile packed with all necessary disposable instrumentation to perform the procedure in any surgical setting.
"We've designed a product with physician input throughout every step of development. Our market research made it clear that the current product offerings for hammertoe fusion lacked efficacy or were too cumbersome to implant easily. Ziptoe's design meets the core tenants of proper bone fusion: Active Compression, Complete Stability, and Zero Rotation. We are excited to enter this next phase of product development and get this simple and easy-to-use product in the hands of foot and ankle surgeons," said Jeff O'Donnell, Jr., CEO, and Co-Founder of Toetal Solutions.
Dr. Steven S. Soondar, D.P.M. stated, "The Ziptoe is needed to allow foot and ankle surgeons a reproducible means to correct hammertoe deformities, creating compression across the fusion site while also allowing for easy revision if necessary."
Runway Healthcare, LP solely funded this financing and has a majority ownership position in the company. Toetal Solutions is Runway Healthcare's second portfolio company.
About Toetal Solutions, Inc.
Toetal Solutions was founded in 2021 to create easy-to-use and clinically effective solutions in foot and ankle deformities. For more information visit www.RunwayHC.com.
About Runway Healthcare, LP:
Runway Healthcare is an early-stage MedTech Accelerator focused on early-stage technology in the Orthopedic, Cardiovascular, and Neurology sectors. Runway finances and manages the product development process of its portfolio companies. Upon navigating a portfolio company through the regulatory process, Runway Healthcare will seek to transition the company's ownership to larger multi-national healthcare companies for commercialization. For more information visit www.RunwayHC.com.
This press release contains "forward-looking statements" concerning the development of Toetal Solutions products, the potential benefits and attributes of those products, and the company's expectations regarding its prospects. Forward-looking statements are subject to risks, assumptions, and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Toetal Solutions undertakes no obligation to update any forward-looking statements for any reason.
Source: Toetal Solutions, Inc.