MinInvasive Update: New Financing, Strategic Partnership with MicroPort Scientific
MinInvasive, developer of the OmniCuff™ system for rotator cuff repair, entered into a strategic partnership and financing round with MicroPort Scientific, which will exclusively distribute OmniCuff in China.
The disposable OmniCuff device supports arthroscopic transosseous rotator cuff repair that obviates the need for suture anchors.
MinInvasive has completed a 30-patient, U.S. multi-center clinical feasibility study and plans to start U.S. product commercialization of OmniCuff in 2017. A funding round of "an unspecified number of 'several million dollars' " was reported in 2013, and reports indicate a 2014 investment of US 3.9MM through an agreement with new and existing investors.
Sources: MinInvasive Ltd.; Gefen Biomed Investments; ORTHOWORLD Inc.