Israeli robotic orthopedic device developer OrthoSpin has raised $5 million in a Series B financing round. OrthoSpin is a portfolio company of The Trendlines Group (SGX: 42T; OTCQX: TRNLY) which led the round together with Johnson & Johnson Innovation - JJDC, Inc.
The company is developing a robotic, digitally enabled external fixation system for orthopedic treatments. External fixation devices are a common treatment choice for bone lengthening, setting complex fractures, and correcting deformities
OrthoSpin has completed initial clinical cases in the US and Israel with the FDA-cleared OrthoSpin Generation 1 system, which makes pre-programmed adjustments automatically without the need for patient involvement. Integrated software enables physicians to chart patient progress, and, when required, immediately adjust treatment programs. The OrthoSpin system potentially reduces or eliminates the need for in-person weekly follow-up and generally is expected to improve patient experience.
OrthoSpin CEO Oren Cohen said, "We are delighted to have this investment and support from JJDC and Trendlines as we continue the development of OrthoSpin’s Gen 1 and Gen 2 systems. We continue to receive very promising feedback from physicians in the field regarding the Gen 1 system. The funding and close ongoing relationship with JJDC will enable us to accelerate Gen 2 product development and move into clinical use with the Gen 2 system later this year. This investment is an important step in bringing OrthoSpin’s system to market."
Published by Globes, Israel business news - en.globes.co.il - on March 31, 2020
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