Ellipse Technologies, Inc., an Irvine, California-based medical device company focused on developing its implantable remote control technology platforms to include innovative and treatments for a broad spectrum of spinal and orthopedic deformity applications, has closed its $17.6m Series C private equity financing.
Investors include new shareholders HBM BioVentures and BioStar Ventures, with participation from existing backers Wexford Capital and the MedFocus Funds.
The company intends to use the funds to initiate commercialization of the MAGEC and PRECICE products as well as invest in expanded uses of these patented technologies to new markets.
Led by Chairman Michael Henson, Ellipse has developed:
– the MAGEC (MAGnetic Expansion Control) Technology, a medical device technology capable of non-invasively adjusting implants within the human body from outside the body via remote control. The first application for this technology is for the treatment of spinal scoliosis in children.
– the PRECICE devices, intramedullary rods which provide physicians with a new method of treating orthopedic conditions. The initial PRECICE devices will be used in leg limb lengthening procedures of the femur and tibia bones.
The MAGEC™ System is CE-Marked but it is not currently available for distribution in U.S. The company has initiated the clinical use of the device outside of the United States and plans an international product launch in countries that accept CE-Mark approval in early 2012.
The PRECICE System is CE-Marked.