Loci Orthopaedics co-founder and executive chair Dr Brendan Boland. Image: Andrew Downes/Xposure
The Galway-based start-up plans to use the fresh funding to expand its clinical programmes, submit regulatory approval applications and move to future commercialisation.
Medtech start-up Loci Orthopaedics has raised €12.8m to boost the development of its thumb arthritis implant and pave the way for commercialisation.
The oversubscribed Series A round included backing from Seroba, Johnson & Johnson Innovation, JJDC and the European Innovation Council (EIC) fund. Loci Orthopaedics also secured €8m in grant and equity funding from the EIC in 2022.
The Galway-based company 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.
“Thumb base joint arthritis is a painful and disabling condition with a significant unmet clinical need for an effective, evidence-based, surgical solution,” said company co-founder and executive chair Dr Brendan Boland. “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.”
In October 2023, Loci Orthopaedics successfully completed the enrolment of a 15-patient clinical study for its implant, to assess the improvements the device makes in patients. The results from this study are expected to be published later this year.
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.
“The company is excited to work with three very experienced and well-respected investment groups to help the company bring a promising new solution to market to help the many currently underserved patients and their surgeons with a joint sparing treatment option,” said Loci Orthopaedics CEO Barry Russell.
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