OrthoSpace, a specialist in shoulder implants, has closed on a USD7 million equity financing round.
The funds will be used to support the ongoing US Investigational Device Exemption (IDE) FDA Study, build out the company's commercial activities in Europe, South America and Asia, and provide working capital.
Existing investors HealthpointCapital, Smith & Nephew and TriVentures participated in the round, alongside a new investor, Johnson & Johnson Innovation – JJDC.
The company's product, InSpace, is an orthopedic biodegradable balloon system that is a simple, minimally invasive method that addresses unmet clinical needs in rotator cuff repair. InSpace is marketed in Europe, Israel, Russia and Hong Kong where 10,000 balloons have been implanted. It is indicated for patients who suffer from a rotator cuff injury, and it reduces shoulder pain and improves the range of motion. The procedure can be performed in an outpatient setting.
Itay Barnea, CEO of OrthoSpace, says: "This is an exciting time for OrthoSpace. We are seeing great traction for InSpace among the European shoulder community where surgeons are grateful for a simple, effective option to treat rotator cuff injury. US surgeons have begun to learn about and gain experience with our device through participation in the US IDE Study, where enrolment is well underway. We are pleased to complete this financing to continue to invest in the company's growth, and we look forward to offering InSpace in additional major markets worldwide."
