March 13, 2017 | Blake Mossy
NovoSource is preparing to liquidate its corporate assets through a court-ordered auction in late spring 2017. This will include the company’s knee and hip replacement portfolios, which are for pain reduction and improved function in total knee arthroplasty.
NovoSource, founded in 2012 and based in Dayton, OH, develops orthopedic implants and instruments at a reduced price through securities offerings led by Dayton Development Coalition. The company plans to liquidate two platforms: its NovoKnee Total Knee System and its NovoHip Total Hip System.
The NovoKnee is a posterior stabilization, cruciate retaining, and ultra congruent knee replacement device consisting of highly cross linked polyethylene knee inserts. The device incorporates symmetric titanium tibial bases that are available in six sizes utilizing a cross keel that can be prepared in one step. It received 510(k) clearance from the FDA in 2013, and 560 devices were reportedly implanted from 2013-2014.
The NovoHip Total Hip System utilizes a titanium plasma spray cementless tapered stem in a standard and lateralized offet. Its titanium acetabular shell is offered in multiple shell configurations, along with vitamin E cross linked polyethylene. The system received 510(k) clearance from the FDA in 2014.
In addition to the aforementioned assets, the liquidation includes all intellectual property rights, inventory, design history files, trademarks and copyrights, ERP systems and servers, and warehouse equipment and furniture. The value of the inventory and instruments are in excess of $3 million at cost.