Bio-integrative bone pin manufacturer Ossio has raised $22 million in equity financing, on the heels of receiving an FDA clearance for its orthopedic fixation system that aims to replace more-permanent metal implants.
Ossio had previously announced plans to kick off the U.S. commercialization of its mineral fiber-based family of bone pins in the second quarter of this year. The company plans to use the proceeds to acquire new staff and fund its sales work, as well as expand its operations and new product development.
The new funding was led by OCV Partners, with additional backing from Ortho Vision and Secocha Ventures. Based in both Israel and Woburn, Massachusetts, Ossio has raised $35 million to date, according to the company.
"This financing provides us with the necessary capital to accelerate our core strategic growth initiatives to ensure we have the inventory and support to meet the anticipated demand for the OSSIOfiber technology,” Ossio CEO Brian Verrier said in a statement.
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According to the company, the mechanical strength of the OSSIOfiber implant is higher than that of cortical bone during its initial insertion, and it gradually transfers the weight of the body to the native bone as it heals. In preclinical studies, full integration into the anatomy took 18 to 24 months and left only native bone behind, with no major inflammatory responses.
Ossio hopes its implants will have broad applications in orthopedics, with its initial launch focusing on the foot and ankle segments, as well as forefoot treatments where additional surgeries to remove metal hardware are common.
In addition, Ossio is conducting a European clinical trial for a hammertoe fixation implant made of the same material, with the goal of netting a CE mark in 2020. The company eventually plans to expand its product’s uses into trauma, sports injuries, reconstruction, pediatrics and spine applications through the development of different pins, screws and plates.