Loci Orthopaedics announces €12.8m series A financing
Betsy Goodfellow | July 17, 2024 | News story | Business Services | Financing, Musculo-skeletal disorder, investment, loci orthopaedics
Loci Orthopaedics has announced the successful closing of an oversubscribed €12.8m series A financing, which was led by new investors Seroba, Johnson & Johnson Innovation, JJDC and the European Innovation Council (EIC) Fund.
The company has a focus on the development of novel technologies to target unmet clinical needs in orthopaedic extremities, for example its primary device, the InDx Implant System is ‘an innovative, evidence-based implant for thumb base join arthritis’, according to the press release.
The financing is intended to allow the company to augment the initial clinical investigation of its device, which suggested positive preliminary results, as well as to develop additional clinical data in order to support regulatory approval applications and future commercialisation.
Dr Brendan Boland, co-founder and executive chairperson at Loci Orthopaedics, commented: “Thumb base joint arthritis is a painful and disabling condition with a significant unmet clinical need for an effective, evidence-based, surgical solution. With a growing patient population, our InDx Implant System has the potential to provide surgeons and patients with a less invasive and more effective treatment for this condition. 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.”
Svetoslava Georgieva, chair of the EIC Fund Board, added: “We are very happy to participate in this funding round. Loci Orthopaedics is disrupting the treatment landscape for one of the most frequently performed surgeries in orthopaedics extremities. The EIC’s unique financing approach, combining grants and equity, provides Europe’s most promising companies with means to develop and scale up their businesses in Europe.”
Betsy Goodfellow
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