Trendlines Group (SGX:42T; OTC:TRNLY) subsidiary OrthoSpin said it raised $3 million for its robotic external fixation device in a round led by Johnson & Johnson (NYSE:JNJ).
Founded in 2014, Misgav, Israel-based OrthoSpin said its device is designed to replace the manual adjustments patients must make to their fixation devices after procedures for bone lengthening, setting complex fractures and correcting deformities. The system continuously makes a series of pre-programmed adjustments, using software that also helps surgeons chart progress and immediately adjust treatment programs.
“We are delighted to have this investment and support from Johnson & Johnson Innovation, as we continue the development of OrthoSpin,” CEO Oren Cohen said in prepared remarks. “The funding will enable us to accelerate our development process and broaden our clinical trials. We are confident that this investment will be an important step in bringing OrthoSpin’s system to market.”
OrthoSpin has a successful first-in-human study under its belt and an alpha version ready for clinicals, according to Trendlines.
