Loci Orthopaedics Closes €12.8 Million Series A Financing
2024年7月17日 - 3:00PM
ビジネスワイヤ(英語)
- Company developing its innovative InDx Implant System for thumb
base joint arthritis
- Focused on a painful and disabling condition with increasing
prevalence in patient population
- Funds to support clinical programs, regulatory submissions and
future commercialisation
Loci Orthopaedics Ltd, an orthopaedic medical device company,
today announced the successful closing of an oversubscribed €12.8
million Series A financing. The financing round was led by new
investors Seroba, Johnson & Johnson Innovation, JJDC, Inc.,
(JJDC) and the European Innovation Council (EIC) Fund.
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InDx Implant System (Photo: Business
Wire)
Loci Orthopaedics develops novel technologies that target major
unmet clinical needs in orthopaedics extremities. The company’s
primary device, its patented InDx Implant System, is an innovative,
evidence-based implant for thumb base joint arthritis. Thumb base
joint arthritis is a highly and increasingly prevalent condition
which is estimated to actively affect up to 5% of the US and EU
population and 100 million people worldwide1. The InDx implant
replicates the functional biomechanics of the thumb base joint,
with the aim of restoring natural motion for those affected by this
painful and disabling condition. InDx’s novel design could address
the limitations of current thumb implants which are often
unsuccessful and are prone to both dislocation and movement post
implantation.
The Series A financing will enable the company to augment the
initial clinical investigation, which indicates positive
preliminary results, and develop additional clinical data to
support regulatory approval applications and future
commercialisation in different geographies.
In October 2023, Loci Orthopaedics successfully completed
enrolment of a 15-patient clinical study for its InDx Implant
System. The Thumb Hemi-Arthroplasty with Natural Kinematics study
is designed to evaluate the surgical implantation of the device as
well as improvements in pain, grip, and quality of life for those
affected by thumb base joint arthritis. Results from the clinical
study are expected to be published later this year.
Dr Brendan Boland, Co-Founder and Executive Chairperson,
commented: “Thumb base joint arthritis is a painful and
disabling condition with a significant unmet clinical need for an
effective, evidence-based, surgical solution. 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.”
Barry Russell, CEO, 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.”
Maud Lazare, Head of Investor Relations at Seroba,
commented: “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.”
Svetoslava Georgieva, Chair of the EIC Fund Board,
commented: “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.”
1
Zhang Y, Niu J, Kelly-Hayes M, Chaisson
CE, Aliabadi P, Felson DT. Prevalence of symptomatic hand
osteoarthritis and its impact on functional status among the
elderly: The Framingham Study. Am J Epidemiol. 2002 Dec
1;156(11):1021-7. doi: 10.1093/aje/kwf141. PMID: 12446258.Y
About Thumb Base Joint Arthritis
Most activities that involve grasping or pinching are possible
because of the thumb’s remarkable range of motion. Dexterity,
however, comes at a price – an increased risk of osteoarthritis
(OA) in the first carpometacarpal (CMC) joint, where the thumb
meets the trapezium bone in the wrist. Thumb arthritis is common
with aging and occurs when cartilage wears away from the ends of
the bones that form the joint at the base of the thumb.
Thumb arthritis can cause severe pain, swelling, and decreased
strength and range of motion, making it difficult to do simple
tasks, such as turning doorknobs and opening jars. Treatment
generally involves a combination of medication and splints. Severe
thumb arthritis might require surgery. It is estimated that 5% of
the population have symptomatic thumb base joint arthritis which
causes significant hand pain and has a major negative impact on
quality of life1.
About Loci Orthopaedics
Loci Orthopaedics was founded by Mr Gerry Clarke and Dr Brendan
Boland as a concurrent spin-out from the University of Galway
(Ireland), University College Cork (Ireland) and KU Leuven
(Belgium). The company develops orthopaedic technologies to meet
major unmet clinical needs with a primary focus on the orthopaedics
extremities market. The company focuses on evidence-based design to
ensure that its technologies are physiologically optimal to restore
natural movement for superior clinical outcomes. Following the
Series A financing, to date the company has raised over €22 million
in grant and equity financing. See more information at
www.lociorthopaedics.com.
About Seroba
Seroba is a European life sciences venture capital firm based in
Dublin, Paris and Milan, investing from its fourth Fund. We focus
on value creation through backing cutting-edge Biotech and MedTech
innovation that will transform the treatment of unmet medical
needs. Our team has deep industry and operational experience and an
extensive global network. We like to work with entrepreneurs who
share our passion for success and for investors who share the same
goal of improving human health while driving financial returns.
Follow our story at www.serobavc.com.
About EIC Fund
The European Innovation Council Fund from the European
Commission is an agnostic Fund: it invests across all technologies
and verticals, and all EU countries and countries associated to
Horizon Europe. It provides the investment component of the EIC
Accelerator blended finance. The European Investment Bank acts as
investment adviser to the EIC Fund. The EIC Fund aims to fill a
critical financing gap and its main purpose is to support companies
in the development and commercialisation of disruptive
technologies, bridging with and crowding in market players, and
further sharing risk by building a large network of capital
providers and strategic partners suitable for co-investments and
follow-on funding. The Fund pays particular attention to the
empowerment and support of female founders as well as the ambition
to reduce the innovation divide among EU countries.
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For additional information, please contact Dr Brendan
Boland.
T: +353 91 863 775 E: brendan@lociorthopaedics.com
Media Contacts
FTI Consulting
Paddy Berkery / Rugile Nenortaite T: +353 86 602 5988 / +353 86
277 9905 E: LociOrthopaedics@fticonsulting.com