Israel's Trendlines Group has announced that Synthes GMBH (part of J&J Orthopedics unit DePuy Synthes) is acquiring 100% of Israeli orthopedics robotics system company OrthoSpin for $79.5 million cash. Trendlines Group has a 26.9% stake in OrthoSpin and will receive $15.8 million after expenses after investing $1.3 million.
OrthoSpin has developed a robotic orthopedic device for external fixation treatments, which received FDA clearance in January. The company's automated, digitally-enabled strut system, the AutoStrut G2 System, provides a solution for the external circular fixation market used in bone lengthening, setting complex fractures, and correcting limb deformities.
OrthoSpin's concept was brought to Trendlines by Liraz Shlomoff and Yoni Epstein, serial entrepreneurs in the medical device field. OrthoSpin has completed initial clinical cases in the US and Israel. Trendlines was OrthoSpin's founding investor and participated in additional financings for the company. OrthoSpin also received support from the Israel Innovation Authority, and Johnson & Johnson Innovation led two investment rounds.
OrthoSpin CEO Oren Cohen said, "I'm extremely proud of the team that succeeded in meeting critical and complex tasks during a worldwide pandemic and wish to thank all our partners who supported us throughout the journey. I look forward to continuing our journey with DePuy Synthes to bring a real revolution to the hexapod bone deformity market."
Published by Globes, Israel business news - en.globes.co.il - on November 4, 2021.
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