OrthoSpace Ltd., a privately held medical device company located in Caesarea, Israel, announced the completion of a financing transaction led by HealthpointCapital, which also includes existing investors Smith & Nephew and TriVentures. The proceeds from the transaction will facilitate the company’s continued market adoption, clinical study programs and entry into emerging markets. The terms of the transaction were not disclosed.
The company’s flagship product, InSpace, is a disruptive technology for the treatment of severe rotator cuff tears, consisting of an orthopedic biodegradable balloon system that is simple, safe and minimally invasive. InSpace is CE Marked and commercialized in Europe and Israel and has been granted an Investigational Device Exemption (IDE) to initiate a pivotal human clinical study of the system in the United States.
According to OrthoSpace’s CEO, Itay Barnea, “this round of financing and new partnership with HealthpointCapital will position OrthoSpace for worldwide growth. InSpace offers a treatment for patients who currently have few options in the continuum-of-care for rotator cuff injury. The technology addresses a large and growing market segment with limited treatment options.”
“With five years of clinical experience and over 5,000 procedures completed, we have developed a loyal following among surgeons in Europe and Israel. We look forward to expanding our footprint into new markets,” said Assaf Dekel MD, OrthoSpace’s co-founder and medical director.
HealthpointCapital is a value-driven, research-based private equity firm exclusively focused on the orthopedic and dental device businesses. HealthpointCapital has more than $800 million of institutional capital under management and is the only firm of its kind to focus exclusively on the $45 billion worldwide orthopedic and dental device industry.
Smith & Nephew plc (LSE: SN, NYSE: SNN) is a global medical technology business dedicated to helping healthcare professionals improve people’s lives. With leadership positions in Orthopaedic Reconstruction, Advanced Wound Management, Sports Medicine and Trauma & Extremities, Smith & Nephew has around 14,000 employees and a presence in more than 100 countries. Annual sales in 2014 were more than $4.6 billion. Smith & Nephew is a member of the FTSE100.
TriVentures is a venture capital fund focused on investing in medical device and digital health technologies from seed stage to industry leaders. TriVentures has over $100 million under management dedicated to ventures primarily in Israel and the United States.