Orthopedic fixation technology developer Ossio announced today that it closed a $38.5 million Series C financing round.
Growth equity firm MVM Partners led the funding. Current shareholders also participated in the round.
“We are delighted to have secured this level of interest and commitment from such an experienced and distinguished medical technology investment firm,” said Ossio CEO Brian Verrier. “The additional funding will enable us to accelerate further adoption of Ossiofiber intelligent bone regeneration technology by orthopedic and podiatric surgeons in the United States.
“Specifically, we intend to use these funds to fortify new product development, sales force expansion, patient outreach and medical education.”
Woburn, Massachusetts-based Ossio develops implants with its Ossiofiber intelligent bone regeneration technology. The company designed it to solve the shortcomings of permanent metal hardware and conventional, resorbable and allograft implants.
The technology combines mechanical strength and natural bone healing in a non-permanent implant. It is comprised of a proprietary mineral fiber matrix held together by a naturally degradable polymer. Ossio designed it with bio-integrative material properties that provide surgeons with a more biologically friendly way to restore patient stability and mobility while leaving nothing permanent behind.
Ossio developed its technology for rapid bone in-growth, regeneration and replacement. The company said orthopedic surgeons implanted more than 10,000 Ossiofiber implants since its introduction in 2019.
In connection with the financing, MVM’s Dr. Stephen Reeders and Dr. Kevin Cheng joined Ossio’s board of directors.
“We believe that Ossio’s novel bio-integrative technology has the potential to transform the orthopedic fixation market,” said Reeders. “We are excited to support the company’s mission to improve patient outcomes across a broad range of procedures.”