Company raising $10M in Series A Funding to bring its advanced radar surgical tracking and fast landmark registration technologies to the $13B+ joint replacement market
LAS VEGAS, March 08, 2023 (GLOBE NEWSWIRE) — Caira Surgical, the pioneer in radar surgical tracking for navigated and robotic joint replacement surgery, unveiled today its revolutionary new technology for advanced joint replacement, the Caira TKA Radar Navigation System, during the CG 2023 Musculoskeletal Conference presentation by Caira’s Chief Executive Officer Jon Greenwald.
“We are proud to showcase our first advancement, the Caira TKA Radar Navigation System, which brings computer-assisted joint replacement into the 21st century,” Greenwald said. “As the first company in the world to achieve sub-millimeter accurate tracking from radar sensors, the Caira technology platform has successfully improved every component and addressed every obstacle of incumbent computer-assisted and robotic-navigated systems.”
Advanced technologies have only a 13% adoption rate for total knee replacement procedures due to the inherent disadvantages of current systems. One of the biggest barriers to adoption is cost, especially for low-volume hospitals and ambulatory surgery centers (ASCs), with traditional robotic and navigation systems priced at up to $1.2 million plus $1,000 in added disposables required for each case. In addition, the learning curve associated with current technology can be steep, disrupting procedure workflow for the surgeon and operating room (OR) staff, increasing OR time, and requiring additional incisions and pins to be drilled into the bone. This increases the risk of patient complications including pin-site pain, infection and fractures.
The Caira TKA Radar Navigation System addresses these barriers with a cost that is 75% less than traditional systems, making the technology accessible for most U.S. and international hospitals and ASCs. Unlike traditional systems, its simplicity and intuitive workflow significantly reduces the learning curve and streamlines procedural workflow, and Caira’s platform technology works with the surgeon’s preferred implant system instead of being brand-locked like current proprietary systems. Most importantly, because it utilizes a patented radar-tracking technology, Caira’s radar guidance system eliminates the line-of-sight issues common with traditional camera-navigated systems. In fact, Caira’s radar trackers, which require no additional incisions, can be moved and repositioned during the procedure as necessary to simplify procedural workflow.
“We plan to submit the Caira TKA Radar Navigation System for FDA clearance later this year with product expansion for hip and spine surgery expected in subsequent years,” said Caira Co-Founder Morteza Meftah, M.D., Associate Professor of Orthopaedic Surgery at NYU Langone Medical Center and President of the International Society for Technology in Arthroplasty. “After decades of only small evolutions in advanced technology for joint replacement, we are excited to be able to launch this revolutionary advancement that will appeal not only to the current $13B+ international joint replacement market but also to the growing ASC market and smaller, community-based hospitals where traditional systems fail to address the cost, OR turnover and, in many cases, space constraints of those facilities.”
Caira senior leadership is also meeting with potential investors and strategic partners during the conference and the American Academy of Orthopaedic Surgeons (AAOS) Annual Meeting in Las Vegas this week as they look to raise $10 million in Series A funding. The company will also present at the upcoming LSI USA ’23 Emerging MedTech Summit in Dana Point, Calif., on March 22nd. Potential investors and strategics are encouraged to contact Caira Surgical senior leadership for more information or to schedule a meeting at ir@cairasurgical.com.
About Caira Surgical
Caira is revolutionizing the usability, economics, safety and accessibility of advanced surgical navigation and robotics for orthopedic surgery. The company’s first product is a navigation system for knee replacement. It employs Caira’s advanced, sub-millimeter accurate Radar Surgical Tracking technology to eliminate line-of-sight interference inherent in existing technologies. Caira’s technology also eliminates invasive surgical instruments and significantly reduces the cost and complexity of utilizing advanced technology in joint replacement surgery. For more information, please visit cairasurgical.com.
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