Shoulder implant company OrthoSpace, Ltd., is announcing that it has closed on a $7 million equity financing round. Company CEO Itay Barnea told OTW that the investors were HealthpointCapital LLC, Johnson & Johnson Innovation – JJDC, Inc., Smith & Nephew, and Triventures.
OrthoSpace: $7 Million in Equity Financing!
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According to the December 1, 2016 news release, “The Company’s product, InSpace, is an orthopedic biodegradable balloon system that is a simple, minimally invasive method that addresses unmet clinical needs in rotator cuff repair. InSpace is marketed in Europe, Israel, Russia and Hong Kong where 10, 000 balloons have been implanted. It is indicated for patients who suffer from a rotator cuff injury, and it reduces shoulder pain and improves the range of motion. The procedure can be performed in an outpatient setting.”
Itay Barnea commented, “This is an exciting time for OrthoSpace. We are seeing great traction for InSpace among the European shoulder community where surgeons are grateful for a simple, effective option to treat rotator cuff injury. U.S. surgeons have begun to learn about and gain experience with our device through participation in the US IDE [investigational device exemption] Study, where enrollment is well underway. We are pleased to complete this financing to continue to invest in the Company’s growth, and we look forward to offering InSpace in additional major markets worldwide.”
Barnea told OTW, “The funds will be used to support the ongoing US IDE FDA study, built out the company’s commercial activity in EU, South America, and Asia, and provide working capital.”
Regarding InSpace, he noted, “The technology addresses significant unmet clinical need in the continuum of care of rotator cuff injury treatment, and is a simple and minimally invasive procedure.”
“Ultimately the company expects to make the technology available for patients globally by obtaining regulatory approvals in new markets supported by ongoing sales and commercial activities.”
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This is a fascinating development. In my practice we've seen similar outcomes with the revised protocol. The key differentiator seems to be patient selection criteria. Has anyone else noticed the correlation with BMI thresholds?
Great point. I'd push back slightly on the conclusion, the sample size in the cited study is too small to draw population-level inferences. That said, the directional signal is compelling and worth a larger RCT.
We implemented a similar approach last year. Early results are promising but we're still gathering 12-month follow-up data. Happy to share our protocol if anyone is interested.
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