The Beverly Hills Corporation Cardo Medical, Inc. has been gaining a reputation on Wall Street and in the medical field alike. As a leader in the development of reconstructive orthopedic and spinal surgery products, Cardo has a robust and innovative product pipeline. Today, Cardo announced that it has completed the previously disclosed private placement transaction, successfully raising $6.2 million.
With an array of products on display in the medical field through Cardo, the corporation intends to use this capital for the integration of recent acquisitions and the release of its total knee system which has the potential to evolve into a state-of-the-art development in the orthopedic industry.
Leading the way at Cardo is Andrew Brooks, M.D. who serves as their Chairman and CEO. Prior to starting Cardo in 2007, Dr. Brooks gained a stellar reputation in both the medical and business arena when he founded Specialty Surgical Centers, a group of multi-specialty surgical centers based in Southern California. Specialty Surgical became the largest privately held surgical center company in California before being acquired by Symbion, Inc in August 2005 (NASDAQ:SMBI).
When asked what this $6.2 million placement will mean to the immediate future of Cardo, Dr. Brooks was quoted as saying, “We are pleased to have completed this placement, particularly with the strong quality of institutional investors who participated. We expect to achieve significant growth in 2010 powered by our recent acquisitions and the staged release of our Total Knee and Hip Systems over the coming quarters.”
Another prestigious name in the medical industry is Dr. Phillip Frost who is the former Chairman and founder of the highly successful IVAX Pharmaceuticals. When asked about his view as an investor in Cardo, Dr. Frost stated, “I continue to be impressed by Cardo Medical’s accomplishments during the last 12 months, and toward that end have increased my investment in the company through participation in this round to help accelerate the company’s growth trajectory. I am excited to help build a world class orthopedic medical device company.”
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