IIluminOss Medical, a US-based developer of orthopaedic implants backed by pharmaceutical firm GlaxoSmithKline, was acquired by musculoskeletal healthcare-focused private equity firm HealthpointCapital on Friday.
Financial terms of the acquisition have not been disclosed.
Founded in 2007, IlluminOss Medical has developed minimally invasive technology to repair and stabilise bone fractures. Its implants consist of a light-curable polymer within an expandable balloon, enabling the implant to conform to the bone’s intramedullary canal.
The implant has received regulatory approval in the US and EU and is particularly aimed at elderly patients who suffer from osteoporotic and compromised bones. It can be used in conjunction with existing procedures, such as screws and nails.
HealthpointCapital will work to drive company further growth and secure regulatory approval for additional anatomical indications for the implant.
Scott Rader, chief executive and president of IlluminOss, said: “We are pleased to have attracted such an experienced and knowledgeable syndicate in this financing.
“We view this financing as both a validation of the revolutionary nature of the core IlluminOss technology, as well as the critical addition of the financial and strategic expertise necessary to help the company rapidly grow and transform how patients’ fractured bones are treated.”
IlluminOss received approximately $61.5m in equity financing ahead of the acquisition, according to press statements and securities documents. SR One, the corporate venturing division of GlaxoSmithKline, participated in a $28m series C round in 2012.
Tekla Capital Management and Life Sciences Partners co-led the series C round, which additionally included Excel Venture Management, Pappas Ventures and Slater Technology Fund.
Early investors Foundation Medical Partners, Mieza Capital and New Leaf Venture Partners also took part in the series C round.
