IlluminOss Medical, Inc., a East Providence, RI-based developer of photodynamic orthopedic implants, has secured $28m in Series C venture capital financing.
The round was co-led by Tekla Capital Management and Life Sciences Partners, with participation from existing investors Foundation Medical Partners, Mieza Capital and New Leaf Venture Partners and new investors SR One, Excel Venture Management, Pappas Ventures, and the Slater Technology Fund.
Founded in 2007, and led by Dr. Scott Rader, president & CEO, the company has developed the minimally invasive IlluminOss Photodynamic Bone Stabilization System, which is used to treat fractures through a small entry into the bone.
A flexible balloon catheter is inserted into the bone, placed across the fracture site, and infused with a proprietary liquid monomer. The monomer then expands the balloon to assist in the alignment of the fractured bone, and surgeons use a visible light source to illuminate it and convert it into a hardened polymer implant.
In conjunction with the funding, Dr. Daniel Omstead of Tekla Capital Management, Dr. Fouad Azzam of Life Sciences Partners, Dr. Rajeev Dadoo of SR One, and Dr. Enrico Petrillo of Excel Venture Management, have joined IlluminOss Medical’s Board of Directors.