Galway-based Loci Orthopaedics has closed its Series A financing, raising €12.8 million to expand its clinical programmes and drive future commercialisation of its products.
The round was led by European life sciences venture capital firm Seroba, Johnson & Johnson Innovation and the European Innovation Council Fund.
Founded by Gerry Clarke and Dr Brendan Boland, the company has now raised more than €22 million in grant and equity financing.
Loci Orthopaedics targets what it describes as big unmet clinical needs in orthopaedics extremities and has developed an implant for thumb base joint arthritis.
Thumb base joint arthritis causes significant functional impairment of the hand. Many of those with the condition lose the ability to perform everyday tasks such as using a mobile phone or writing due to severe pain. About 5 per cent of the US and EU population are believed to be affected by the condition, said Loci Orthopaedics.
The InDx implant aims to restore natural motion and address the limitations of current implants, which are prone to both dislocation and movement post-implantation.
“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,” said Barry Russell, chief executive.
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The company, a spin-off from the University of Galway, University College Cork and KU Leuven in Belgium, now plans to develop additional clinical data that will help with future regulatory approval applications. The company has already completed enrolment for a 15-patient clinical study on the InDx implant, which will look at the improvements in pain, grip, and quality of life for patients with thumb base arthritis, and also assess the surgical implantation of the device. Results are expected later this year.
“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,” said Maud Lazare, head of investor relations at Seroba.
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