A Galway based clinical stage orthopaedic medical device company has raised €12.8m in funding.
Loci Orthopaedics Ltd's Series A round was led by new investors Seroba, Johnson & Johnson Innovation and the European Innovation Council Fund.
The company develops new technologies to target major unmet clinical needs in orthopaedic extremities of the body.
Its main device, InDx Implant System, is an implant for joint arthritis in the thumb.
The money is to be used to expand the firm’s clinical programmes, submit regulatory approval applications in the US and EU and accelerate efforts towards future commercialisation.
"Thumb base joint arthritis is a painful and disabling condition with a significant unmet clinical need for an effective, evidence-based, surgical solution," said Dr Brendan Boland, Co-Founder and Executive Chairperson.
"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."
The company claims the fundraising is the largest in Ireland in the medtech sphere so far this year.
It also says it’s the biggest every orthopaedic fundraising for an indigenous tech startup.
"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," Maud Lazare, Head of Investor Relations at Seroba.
