Michael Barbella, Managing Editor06.08.22
Loci Orthopaedics' financial future is looking brighter, thanks to an 8.1 million euros influx of funding from the European Commission and European Investment Bank.
The Galway, Ireland-based firm initially will be awarded a 2.5 million euros grant from the EIC Accelerator Programme, and a 5.5 million euros equity investment supported by the European Investment Bank.
“To receive this level of funding is a major endorsement of the need for a better treatment for this crippling condition," Loci Orthopaedics CEO and Co-Founder Brendan Boland, said. "It is also a major validation of the company and the product that we have developed to try and relieve the pain and suffering of the many patients affected. The company has recently started a clinical trial and this funding will enable the company to complete the clinical trial and regulatory clearance in the EU and U.S., prior to full scale commercialisation and clinical use.”
Loci Orthopaedics has developed a new implant for treating thumb base joint arthritis, a condition that causes pain, decreased hand function, and can negatively impact a patient’s quality of life. More than 30 million Europeans and 20 million U.S. residents are affected by this condition. The current market potential is estimated at more than 700 million euros annually, and is projected to grow to more than $1 billion in the next five years.
“The company has developed the first evidence-based solution for this condition," Loci Orthopaedics Chief Technology Officer and Co-Founder Gerry Clarke said. "When designing the implant, we used the most recent biomechanics research as a key design input to ensure that the implant we designed fully recreates the natural biomechanics of the joint for superior clinical outcomes. It is very gratifying to see this implant now being used in a clinical trial setting and the recent EIC funding sets the company on a clear course for wider adoption by the clinical community.”
“While thumb base joint arthritis is a major unmet clinical need at the moment, it is becoming an even bigger need every year. One in three women over the age of 55 have evidence of this condition, and as we use our hands for everyday tasks such as opening medication containers, getting dressed and using smartphones for connectivity, anything that affects your hand function can have a major impact on your ability to live independently and have a good quality of life," Loci Orthopaedics engineer Fiona Mangan said. "That’s why we are passionate about bringing a new solution to those that need it most and this recent funding will enable that to happen faster.”
The EIC Accelerator supports individual small and medium enterprises (SMEs), in particular startups and spinout companies to develop and scale up innovations. The EIC Accelerator provides substantial financial support with: grant funding (non-dilutive) of up to 2.5 million euros for innovation development costs, investments (direct equity investments) managed by the EIC Fund for scale up and other relevant costs. In addition, EIC selected companies receive coaching, mentoring, access to investors and corporates, and other opportunities as part of the EIC community.
The Galway, Ireland-based firm initially will be awarded a 2.5 million euros grant from the EIC Accelerator Programme, and a 5.5 million euros equity investment supported by the European Investment Bank.
“To receive this level of funding is a major endorsement of the need for a better treatment for this crippling condition," Loci Orthopaedics CEO and Co-Founder Brendan Boland, said. "It is also a major validation of the company and the product that we have developed to try and relieve the pain and suffering of the many patients affected. The company has recently started a clinical trial and this funding will enable the company to complete the clinical trial and regulatory clearance in the EU and U.S., prior to full scale commercialisation and clinical use.”
Loci Orthopaedics has developed a new implant for treating thumb base joint arthritis, a condition that causes pain, decreased hand function, and can negatively impact a patient’s quality of life. More than 30 million Europeans and 20 million U.S. residents are affected by this condition. The current market potential is estimated at more than 700 million euros annually, and is projected to grow to more than $1 billion in the next five years.
“The company has developed the first evidence-based solution for this condition," Loci Orthopaedics Chief Technology Officer and Co-Founder Gerry Clarke said. "When designing the implant, we used the most recent biomechanics research as a key design input to ensure that the implant we designed fully recreates the natural biomechanics of the joint for superior clinical outcomes. It is very gratifying to see this implant now being used in a clinical trial setting and the recent EIC funding sets the company on a clear course for wider adoption by the clinical community.”
“While thumb base joint arthritis is a major unmet clinical need at the moment, it is becoming an even bigger need every year. One in three women over the age of 55 have evidence of this condition, and as we use our hands for everyday tasks such as opening medication containers, getting dressed and using smartphones for connectivity, anything that affects your hand function can have a major impact on your ability to live independently and have a good quality of life," Loci Orthopaedics engineer Fiona Mangan said. "That’s why we are passionate about bringing a new solution to those that need it most and this recent funding will enable that to happen faster.”
The EIC Accelerator supports individual small and medium enterprises (SMEs), in particular startups and spinout companies to develop and scale up innovations. The EIC Accelerator provides substantial financial support with: grant funding (non-dilutive) of up to 2.5 million euros for innovation development costs, investments (direct equity investments) managed by the EIC Fund for scale up and other relevant costs. In addition, EIC selected companies receive coaching, mentoring, access to investors and corporates, and other opportunities as part of the EIC community.
