11th February 2022
Orthox Ltd, an EIT-Health supported start-up based in the UK, has closed its Series A financing round at $12.5M. Orthox develops medical devices to repair damaged cartilage and other orthopaedic injuries. Led by Parkwalk, Oxford Technology & Innovations EIS Fund (OTIF) and Additio Investment Group, this funding will be used to support further clinical trials of Orthox product FibroFix™ at Southmead Hospital Bristol UK, and in Budapest, Hungary.
Around 900,000 patients a year in the US suffer from traumatic, often sports-related, injuries to articular cartilage in the knee.[1] These injuries can cause crippling disability in both young and old patients, often leading to osteoarthritis and eventual need for replacement of the joint. Many patients who suffer injury to their knee cartilage are advised to limit activity or risk deterioration of the joint as these injuries are inadequately served by current procedures.
Founded in 2008, Orthox develops tissue regenerative implants which enable these patients return to a fully active, pain-free lifestyle. Orthox’s proprietary technology, FibroFix™ is a natural biomaterial implanted to restore knee functionality while allowing the body’s own cells to grow through and integrate with the device. FibroFix™ products give patients rapid functional recovery, and the regenerative repair needed to safeguard the long-term health of the joint. This offers a new paradigm in cartilage repair, for increasing mobility, reducing pain, and regenerating strength.
Commenting on the financing, Nick Skaer, co-founder and CEO of Orthox said, “This $12.5m Series A financing round from a range of high quality medtech investors reflects the strong progress we are making with our award winning FibroFix™ product platform. FibroFix™ is unique in emulating the functional properties of cartilage while also facilitating rapid tissue regeneration in patients suffering the debilitating effects of serious knee cartilage injuries. With our approach there is significant bone sparing and strong tissue integration of the implant, which will result in much faster patient recovery from surgery.”
Orthox joined EIT Health’s Start-up Rescue Instrument in 2020 which awarded €5.5 million to start-ups across Europe to support with business continuity in response to the disruptions caused by the COVID-19 pandemic. The instrument was launched to alleviate the financial shock posed by COVID-19 and bridge the fundraising gap many innovative start-ups faced at that time.
Marc Butterly, Business Creation Lead at EIT Health Ireland-UK commented on the investment, “We at EIT Health congratulate the Orthox team on this significant accomplishment. Securing Series A funding of this value demonstrates the confidence the VC community has in Orthox’s vision and capabilities to build a scalable product. During Start-up Rescue Instrument in 2020 we saw a strong competitive advantage in the FibroFix™ solution and believe Orthox has potential to become a leader in this space.”
The funding of $12.5M will support a clinical trial which is expected to open for recruitment later this year.
Cartilage Defects: Incidence, Diagnosis, and Natural History. Oper. Tech. Sports Med. 26, 156–161 (2018): https://www.sciencedirect.com/science/article/abs/pii/S106018721830042X?via%3Dihub
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