CAESAREA, Israel, Dec. 1, 2016 /PRNewswire/ -- OrthoSpace,
Ltd. (http://orthospace.co.il/), 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, Ltd.
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, LLC
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
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.
Contact: Ariella Golomb,
212-810-4742
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SOURCE OrthoSpace, Ltd.