OrthoSpace said this week that it completed “significant” but unspecified financing for its InSpace biodegradable orthopedic balloon, led by Healthpoint Capital with participation from Smith & Nephew (NYSE:SNN) and Triventures.
The InSpace device is a minimally invasive orthopedic balloon designed for use in rotator cuff repairs.
OrthoSpace said that the financing would facilitate continued market adoption, clinical study programs and entry into emerging markets.
“This round of financing and new partnership with Healthpoint Capital 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,” CEO Itay Barnea said in prepared remarks.
InSpace said it’s already received CE Mark approval in the European Union and was granted an investigational device exemption by the FDA to initiate a pivotal clinical study in the U.S.
“With 5 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,” co-founder Dr. Assaf Dekel said in a press release.