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OrthoSpace Gets Additional Funding from HealthpointCapital

Terms of the deal were not disclosed.

By: Chris Delporte

OrthoSpace Ltd. has completed a financing transaction led by New York, N.Y.-based HealthpointCapital LLC, which also includes existing investors Smith & Nephew plc and TriVentures.  The proceeds from the transaction will facilitate the company’s continued market adoption, clinical study programs and entry into the emerging markets.  The company’s flagship product, InSpace, is designed for the treatment of severe rotator cuff tears.

The terms of the transaction were not disclosed.

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.”

InSpace is an orthopedic biodegradable balloon system that is minimally invasive and addresses “unmet clinical needs in rotator cuff repair,” according to the company. InSpace is CE marked and sold in Europe and Israel, and has been granted an investigational device exemption to initiate a pivotal human clinical study of the system in the United States.

“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, M.D., OrthoSpace’s co-founder and medical director.

OrthoSpace is located in Caesarea, Israel.

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