OrthoSpace, Ltd., a Caesarea, Israel-based innovative shoulder implant company, closed on a $7m equity financing round.
Backers included existing investors HealthpointCapital, Smith & Nephew and TriVentures and new investor Johnson & Johnson Innovation – JJDC, Inc.
The company intends 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.