Archus Orthopedics, Spine Device Maker that Raised $60M, Shuts Down Amid Cash Crunch
Summary
Archus Orthopedics, Spine Device Maker that Raised $60M, Shuts Down Amid Cash Crunch Xconomy Seattle — 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.We broke the story back in May about financial troubles at Archus, which had been one of the rising stars in the Seattle medical device industry for years.Cash ran low this spring when Archus was sponsoring a big clinical trial of 450 patients, and it was forced to lay off most of its 45 employees.“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.