Loci Orthopaedics announced today that it closed an oversubscribed Series A financing worth about $14 million (€12.8 million). New investors Seroba, Johnson & Johnson Innovation, JJDC and the European Innovation Council (EIC) Fund led the financing.
Galway, Ireland-based Loci develops novel technologies aimed at unmet clinical need in orthopedic extremities. Its primary device, the InDx implant system, treats thumb base joint arthritis. InDx replicates the functional biomechanics of the thumb base joint. The company designed it to restore natural motion for those affected by arthritis.
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Loci says its novel design could address the limitations of current thumb implants. The company said those often prove unsuccessful with potential for both dislocation and movement post-implant.
With the financing, the company expects the added funds to augment its initial clinical investigation for InDx. It hopes to develop additional clinical data to support regulatory approval applications and future global commercialization efforts.
Loci Orthopaedics last year completed the enrollment for a 15-patient clinical study for InDx. It expects to publish results later this year.
“Thumb base joint arthritis is a painful and disabling condition with a significant unmet clinical need for an effective, evidence-based, surgical solution,” said Dr. Brendan Boland, co-founder and executive chair of Loci Orthopaedics. “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 U.S. and EU and accelerate our efforts towards future commercialisation.”
