Software Machines and Adaptive Implants in Orthopedics (SMAIO) SA raised $10 million on the Paris Euronext Growth market. The offer price was set at $6.66 a share. “Thanks to this IPO, we will now be able to ramp commercial development of our I-Kontrol arthrodesis platform in Europe and secure a foothold in the United States,” Philippe Roussouly, CEO of SMAIO SA, told BioWorld.
Bioventus LLC continues to strengthen its portfolio through acquisitions and investments with a move to exercise its option to purchase Cartiheal Ltd. for $315 million up front and a potential payment of $135 million contingent on achievement of $100 million in trailing 12-month sales. The Cartiheal transaction follows the acquisition of Bioness Inc. and Misonix Inc. last year. Cartiheal developed the Agili-C implant, which received FDA breakthrough device designation in 2020 and premarket approval last week.
3Spine Inc. has raised $33 million in an oversubscribed series C private offering for a phase II clinical study to assess what it calls “the first total joint replacement” for the lower back. This brings total private investment in the Balancedback total joint replacement to $50.3 million, largely due, said 3Spine CEO Marc Peterman, to “tremendous clinical outcomes and a mountain of benchtop research.”
A thin film electrode platform technology developed by Neuroone Medical Technologies Corp. could be used to treat chronic back pain according to new tests. Eden Prairie, Minn.-based Neuroone said it concluded initial testing that demonstrate the electrode could provide chronic stimulation at typical stimulation parameters currently used to treat patients suffering with chronic back pain due to multiple failed back surgeries.
Differential leg length is perhaps not the most common orthopedic problem in the medical literature, but the U.K. National Institute of Health and Care Excellence (NICE) sees a place for some sort of improvement over the standard of care.
PARIS – Companion Spine SAS has raised $55 million to help develop its noninvasive diagnostic and interventional implant solutions for the treatment of degenerative disc disease and lumbar spinal stenosis. This series A round was led by Viscogliosi Brothers LLC, a New York-based investment company specializing in financing disruptive technology in spine treatment.
Swiss spinal surgery company Neo Medical SA has closed a $20.6 million financing round led by Swisscom Ventures. The funds will be used for U.S. commercialization of the company’s Advise augmented reality (AR) platform for spinal surgery. The platform is due to launch this year and will complement Neo Medical’s existing implant and instrument solutions. “The funds will be used for recruitment of sales direct sales force, training and education activities in the U.S. as well as U.S. scientific and clinical activities,” Neo Medical CEO Vincent Lefauconnier told BioWorld. “In 2022, we will see some key scientific and clinical work being published showing the massive benefit for patient of the use of our unique combination of technologies.”
LONDON – Orthox Ltd. is primed for an assault on the mountain that is knee cartilage repair after raising $12.5 million in a series A funding round. After more than a decade of translational and preclinical research, these funds will allow the company to start a trial of Fibrofix, a tissue regeneration product derived from silk, in the middle of this year. An initial cohort of six patients in the U.K. will be treated for sports injury-related cartilage damage, with six months follow up to demonstrate safety. Assuming positive results, that will be followed by treating a further 75 patients in the U.K., Hungary and elsewhere in mainland Europe.
LONDON – Three patients with complete spinal cord injury are able to walk independently after having specialized electrodes implanted below their lesions. The details were published in Nature Medicine on Feb. 7. This is a significant new milestone for the researchers at École polytechnique fédérale de Lausanne (EPFL), Switzerland, who in 2018 delivered proof that electrical stimulation can reactivate spinal neurons, in that case in three patients with partial spinal cord injury. “Here for the first time, we have developed purpose-made technology in order to precisely stimulate the spinal cord to restore movement after paralysis,” said Gregoire Courtine, professor of spinal cord repair at EPFL.
Inspan LLC has won FDA 510(k) clearance for an interspinous fixation system that can now be used to treat lumbar spinal stenosis in non-cervical spine cases of spondylolisthesis, trauma, tumor and degenerative disc disease. According to Aditya Humad, co-founder and CFO of Kicventures Group which counts Inspan among its portfolio companies, FDA clearance represents an expansion in the use of Inspan’s interspinous system into the “highly competitive space” of interventional pain management.
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