IIluminOss Medical, a developer of photodynamic orthopedic implants backed by SR One, GlaxoSmithKline’s corporate venturing unit, has raised $28m in Series C funding for minimally invasive bone fracture repair.
Tekla Capital Management, the investment advisor to H&Q Life Sciences Investors and H&Q Healthcare Investors (The H&Q Funds) and life science investment firm, Life Sciences Partners, co-led the round.
Excel Venture Management, Pappas Ventures and the Slater Technology Fund also invested in the medical device company. They were joined by return backers Foundation Medical Partners, Mieza Capital and New Leaf Venture Partners. Founded in 2007, this brings the total raised by IlluminOss to $50m. The company raised $11 million in a Series B round in April 2008.
Scott Rader, chief executive and president of IlluminOss said of the deal “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.”