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OrthoSpace Completes Equity Financing Round BY EDITOR, DECEMBER 1, 2016
CAESAREA, Israel, Dec. 1, 2016 OrthoSpace, Ltd., a global innovative shoulder implant company, today announces that it has closed on a $7 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 LLC, Smith & Nephew and TriVentures participated in this round, alongside a new investor, Johnson & Johnson Innovation - JJDC, Inc.
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, commented, "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 enrollment 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."
OrthoSpace is a privately held medical device company located in Caesarea, Israel. The Company's product, InSpace, is an orthopedic biodegradable balloon system that is simple, safe and a minimally invasive method that addresses unmet clinical needs in rotator cuff repair. InSpace is CE Marked and commercialized in Europe, Israel, Russia and Hong Kong and has been granted an Investigational Device Exemption (IDE) to initiate a pivotal human clinical study of the system in the United States.
HealthpointCapital is a values-driven, research-based private equity firm exclusively focused on the orthopedic and dental device businesses. HealthpointCapital has more than $800 million of institutional capital under management and is the only firm of its kind to focus exclusively on the $45 billion worldwide orthopedic and dental device industry.
Smith & Nephew plc
Smith & Nephew is a global medical technology business dedicated to helping healthcare professionals improve people's lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma & Extremities, Smith & Nephew has around 15,000 employees and a presence in more than 100 countries. Annual sales in 2015 were more than $4.6 billion. Smith & Nephew is a member of the FTSE100 (LSE: SN, NYSE: SNN).
TriVentures is a venture capital fund focused on investing in medical device and digital health technologies from seed stage to industry leaders. TriVentures has over $130 million under management dedicated to ventures primarily in Israel and the United States.
Johnson & Johnson Innovation - JJDC, Inc. (JJDC)
Johnson & Johnson Innovation - JJDC is the venture capital subsidiary of Johnson & Johnson that has been investing since 1973 in the medical device, diagnostic, pharmaceutical, and consumer health areas. JJDC's goal is to create opportunities that meet the strategic needs of its operating affiliates while providing visibility to innovative emerging technology, businesses and business models. JJDC invests in companies across the continuum from early stage seed investments to advanced stages of series venture management.