Medical device maker Loci Orthopaedics raises €13m

Loci Orthopaedics was founded by Gerry Clarke and Dr Brendan Boland as a concurrent spin-out from the University of Galway, University College Cork and KU Leuven in Belgium

“This funding will enable us to expand our clinical programs, submit regulatory approval applications in the US and EU and accelerate our efforts towards future commercialisation,” said co-founder Dr Brendan Boland. Picture: Andrew Downes

Medical device manufacturer Loci Orthopaedics has secured funding from Johnson & Johnson Innovation among other investors.

The company closed an oversubscribed €12.8m early-stage financing round that also attracted backing from life sciences venture capital firm Seroba and the European Innovation Council (EIC) Fund.

“This funding will enable us to expand our clinical programs, submit regulatory approval applications in the US and EU and accelerate our efforts towards future commercialisation,” said co-founder Dr Brendan Boland.

Loci Orthopaedics was founded by Gerry Clarke and Dr Boland as a concurrent spin-out from the University of Galway, University College Cork and KU Leuven in Belgium.

The company is currently focused on developing a patented device called an InDx Implant System, which is used for patients with thumb joint arthritis.

In October last year, Loci Orthopaedics successfully completed enrolment of a 15-patient clinical study for its InDx Implant System.

The company has raised a total of €22m in grant and equity financing to date.

“Orthopaedics extremities is one of the fastest growing areas in orthopaedics, so it is great to work with a company whose innovative solutions may positively disrupt the future treatment landscape for one of the most frequently performed surgeries in this space,” said Maud Lazare, head of investor relations at Seroba.