News

NEWSPRING CAPITAL LEADS EQUITY INVESTMENT IN CORE ESSENCE ORTHOPAEDICS, INC.

RADNOR, PA, June 30, 2008 – NewSpring Capital, of Radnor, PA and Short Hills, NJ, is pleased to announce it has led a $5 Million equity investment in Core Essence Orthopaedics, Inc., a medical device company based in Yardley, PA, focusing on soft tissue and skeletal repair. NewSpring led the round through its dedicated healthcare fund, NewSpring Health Capital. The Company has developed a range of products targeted towards the upper and lower extremities, particularly in the soft tissue repair segment. These products are designed specifically for ease of use in high volume, minimally invasive procedures. Core Essence Orthopaedics' products focus on the largest specialties in this segment of the orthopedics market, particularly shoulder/elbow and sports medicine.

Zev Scherl, General Partner of NewSpring Capital said, "We are very pleased to provide capital for Core Essence Orthopaedics to execute its growth plans." Mr. Scherl will be joining the Board of Directors of the Company. "The products developed by Core Essence Orthopaedics are intuitive and elegant, and should be game-changing in the minimally-invasive, arthroscopic surgery segment. This round of financing will enable the Company to complete product development and launch commercialization programs for its product line by the end of 2008."

"We are privileged to have a partner such as NewSpring Capital lead this investment,” said Shawn Huxel, CEO and President of Core Essence Orthopaedics. "This round of financing provides the capital to accomplish our vision and introduce our intuitive surgical solutions into the growing $1 billion soft tissue repair marketplace." Mr. Huxel added, "Core Essence’s entrepreneurial team, including my co-founders Alan Miller and Jeff Miller, is excited about this financial vote of confidence, further validating the innovative solutions we have developed for orthopedic surgeons, enabling them to perform successful minimally invasive procedures toward improving patients’ health, function, and mobility."

Core Essence Orthopaedics' products include, among others, the SECURUS platform which currently focuses on rotator cuff repairs and includes an elegant, straightforward knotless suture anchor. Other key products are the nABLE instrumentation for percutaneous suture management, the PONTiS endotendonous repair system and reVERTO shape memory staples.

For more company information, please visit www.ceortho.com.