April 7, 2017 | Blake Mossy
IBS Investment Bank entered into an agreement to acquire a minority stake in The Progressive Orthopaedic Company, a manufacturer of implantable medical devices.
Progressive, founded in 2013 from the merger of Skeleton Crew Manufacturing and Upex Holdings is headquartered in North Palm Beach, FL, offers a full-line of low-cost hip and knee implant systems. For its less expensive generic implant portfolio, the company bases its systems off of time-tested designs that have been on the marketplace for decades, and therefore have an abundance of clinical data vetting the technology.
The company is intending to launch products for the spine, trauma, biologics and sports medicine segments, and the capital raised from IBS, will help Progressive commercialize these new generic lines.