Israeli shoulder implant medical device company OrthoSpace has raised $7 million in a financing round from new investor Johnson & Johnson Innovation and previous investors HealthpointCapital, Smith & Nephew and TriVentures.
The Caesarea-based company plans to use the funds for the ongoing US Investigational Device Exemption (IDE) FDA Study, build out commercial activities in Europe, South America and Asia and provide working capital.
Led by Itay Barnea, CEO, OrthoSpace provides InSpace, an orthopedic biodegradable balloon system that is a minimally invasive method for rotator cuff repair. The product, marketed in Europe, Israel, Russia and Hong Kong where 10,000 balloons have been implanted, is indicated for patients who suffer from a rotator cuff injury, and reduces shoulder pain and improves the range of motion.
The procedure can be performed in an outpatient setting.
OrthoSpace was founded in the start-up incubator of Xenia Venture Capital Ltd. (TASE:XENA) as a BioProtect spin-off, which developed a balloon to separate healthy tissue from an enlarged prostate, so that radiation may be performed on the prostate without damaging surrounding healthy tissue. It later became clear that a balloon manufactured using similar technology can serve also as a treatment for rotator-cuff tears.
Published by Globes [online], Israel business news - www.globes-online.com - on December 5, 2016
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