OrthoSpace closed a US $7MM equity financing round. Funds will support an ongoing U.S. Investigational Device Exemption study, as well as commercialization activity in Asia, Europe and South America. Existing investors HealthpointCapital, Smith & Nephew and TriVentures were joined by Johnson & Johnson Innovation.
The company's InSpace™ biodegradable balloon is intended to offer a minimally invasive method for rotator cuff repair. The system is marketed in Europe, Hong Kong, Israel and Russia, with up to 10,000 implantations. Procedures can be performed on an outpatient basis.
Sources: OrthoSpace, Ltd.; ORTHOWORLD Inc.