Loci Orthopaedics announces closing of investment round worth almost 3 million euro

Loci Orthopaedics

“Securing this seed round funding will put Loci Orthopaedics firmly on track to achieve the short and medium-term goals required for getting this product to market to relieve the daily suffering of many patients”.

Loci Orthopaedics has announced the closing of a €2.75M seed round investment to commercialise a new orthopaedic joint implant for a common but crippling joint condition.

The company is a medical device spin-out from the National University of Ireland Galway (NUIG) and is based in the Business Innovation Centre on the NUIG campus.

It's developing the “InDx Implant” to meet this need and access a surgical market estimated at over €550 million per annum.

The finalization of a third-party investment round of €2.75M to date is a primary indicator of the strength of the business case and the future potential of Loci Orthopaedics.

Arthritis of the thumb base joint causes significant functional impairment of the hand. Those with this condition are either restricted in, or often lose the ability to perform, everyday tasks such as using a mobile phone, turning keys in a door, and even writing due to increasingly severe pain.

 

 

BIOGRAPHIES: Dr Brendan Boland MB BCh BAO MSc – CEO co-founder

 

Brendan graduated with honours from University College Dublin Medical School in 2006. As a post-graduate, he became a Member of the Royal College of Physicians of Ireland and also a member of the Irish College of General Practitioners. ​

Brendan was a BioInnovate Ireland Fellow 2014 during which time he developed his skills in identifying and determining opportunities in the lifescience and health technology landscapes. 

The BioInnovate Fellowship provided Brendan with the knowledge tools to de-risk a medical device development, and project manage such an undertaking to key successful milestones.

 

Mr Gerry Clarke MBA MSc – CTO co-founder

Gerry has worked consistently in medical devices and diagnostics since the late 1970s, spending ten years in the USA industry sector during that time. He has had a number of increasingly responsible technical roles within Technicon, Sherwood Medical and C.R. Bard/Medtronic, most recently that of senior engineering manager within R&D at Medtronic. His expertise lies in process development, new technology investigation and product design methodologies. He has several patents and trade secrets to his credit and has been charged with IP development at leadership level.

Gerry was a BioInnovate Ireland Fellow 2014, during which time he further developed his skills at identifying unmet clinical needs and finding solutions through the application of experience and good engineering practice.

 

Loci Orthopaedics has begun a staff recruitment drive, with early hiring completed. The company aims to employ 10 staff in the coming three years.

 

Share: