Ireland-based orthopaedic medical device company Loci Orthopaedics has closed an oversubscribed Series A financing round at €12.8m.
The investment round was led by new investors Seroba, Johnson & Johnson Innovation, JJDC, and the European Innovation Council (EIC) Fund.
Loci develops novel technologies targeting major unmet clinical needs in orthopaedics extremities, with InDx Implant System for thumb base joint arthritis as its lead product.
The orthopaedic devices maker intends to use the funds to support clinical programs, regulatory submissions, and future commercialisation of its InDx Implant System.
Seroba investor relations head Maud Lazare said: “Orthopaedics extremities is one of the fastest growing areas in orthopaedics, so it is great to work with a company whose innovative solutions may positively disrupt the future treatment landscape for one of the most frequently performed surgeries in this space.”
EIC Fund board chair Svetoslava Georgieva said: “We are very happy to participate in this funding round. Loci Orthopaedics is disrupting the treatment landscape for one of the most frequently performed surgeries in orthopaedics extremities.
“The EIC’s unique financing approach, combining grants and equity, provides Europe’s most promising companies with means to develop and scale up their businesses in Europe.”
Loci’s patented InDx implant system works by replicating the functional biomechanics of the thumb base joint to restore natural motion for those affected by the condition.
Its advanced design is said to address the limitations of current thumb implants which often fail and are vulnerable to both dislocation and movement post-implantation, said the company.
In October last year, Loci completed enrolment in a clinical study of its InDx Implant System for thumb hemiarthroplasty with natural kinematics.
The study is designed to evaluate the surgical implantation of the implant along with improvements in pain, grip, and quality of life for people suffering from thumb base joint arthritis.
With the financing, the company is enabled to extend the initial clinical investigation and develop additional clinical data to support regulatory applications and future commercialisation.
Loci Orthopaedics CEO Barry Russell added: “The company is excited to work with three very experienced and well-respected investment groups to help the company bring a promising new solution to market to help the many currently underserved patients and their surgeons with a joint sparing treatment option.”
Loci Orthopaedics co-founder and executive chairperson Brendan Boland said: “With a growing patient population, our InDx Implant System has the potential to provide surgeons and patients with a less invasive and more effective treatment for this condition. “This funding will enable us to expand our clinical programs, submit regulatory approval applications in the US and EU and accelerate our efforts towards future commercialisation.”
