Stanmore Implants, an Elstree, UK-based specialist in the design and manufacture of patient specific implants for complex orthopaedic reconstructions, has received a £4m equity investment from Imperial Innovations Group plc (AIM: IVO)
Following the transaction, Imperial Innovations, a UK technology commercialization and investment company, will hold a substantial stake in the company.
Stanmore Implants intends to use the proceeds to expand its US and UK sales forces for its current products including the Juvenile Tumour System, a non-invasive extendable implant, as well as develop its new technologies including:
– the Savile Row System, a fully personalized early knee replacement surgery system, and
– ITAP, a novel approach enabling the direct attachment of an exoprosthesis to the skeleton of amputees.
In July 2010, Imperial Innovations and Stanmore Implantssigned an exclusive global license for an anatomic knee implant developed by Justin Cobb, Professor of Orthopaedic Surgery, and Andrew Amis, Professor of Orthopaedic Biomechanics at Imperial College London. The implant design, which closely mimics human anatomy, is designed to offer the potential for less invasive procedures with greater tissue conservation and associated improved outcomes.
In conjunction with the investment, John Holden, Director of Investments at Imperial Innovations Group, has joined the company’s Board as a non-executive director.
Led by Chairman Brian Steer, Stanmore Implants acquired its robotic bone preparation technology through the acquisition of Acrobot, a medical devices company specializing in computer assisted orthopaedic surgery in August 2010.