The company closed a significant funding round this week and is now growing its team as it develops a thumb arthritis implant.
Medical device company Loci Orthopaedics has opened a new office and is expanding its team after raising €12.8m earlier this week.
The company has opened its new office in Ballybrit Business Park, Galway and has announced the creation of 20 jobs, which will bring its total team in Ireland to 32 employees. These jobs will range from graduate positions to senior executive roles in areas such as research and development, quality management and regulatory affairs.
The official opening of the new office was attended by Minister of State in the Department of Education Hildegarde Naughton, TD, who said it is “an important week” for the company as it closed a €12.8m Series A financing round that will “drive the future growth of the business”.
“The Government is immensely proud that indigenous companies such as Loci Orthopaedics are at the forefront of international medical technology, which continues to strengthen Ireland’s reputation as a global hub for innovation in this sector,” Naughton said.
Loci Orthopaedics has developed an implant for the treatment of thumb base joint arthritis. This condition can cause severe pain, swelling, decreased strength and decreased range of motion, making it difficult to do simple tasks. It is very common in people over the age of 50.
The company’s InDx implant is designed to replicate the functional biomechanics of the thumb base joint to restore natural motion for those affected. Loci Orthopaedics claims its device is superior to other thumb implants, which can be prone to dislocation and movement after being implanted.
The University of Galway spin-out said it will use the latest funding to expand its clinical programmes, which will be used to support regulatory approval applications and future commercialisation.
“With exciting positive preliminary results from our initial clinical investigation, we look forward to building on our progress to date and expanding our team as we seek to bring this innovate solution to market for the benefit of patients, surgeons and healthcare systems,” said company co-founder and CTO Gerry Clarke.
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