Healthcare Industry News: HSMN NewsFeed
News Release - March 31, 2020
OrthoSpin Ltd. Raises up to US$5 Million in Series B FinancingMISGAV, Israel, March 31, 2020 -- (Healthcare Sales & Marketing Network) -- OrthoSpin Ltd. ("OrthoSpin"), a portfolio company of The Trendlines Group Ltd. ("Trendlines") (SGX: 42T) (OTCQX: TRNLY), announced that it raised US$5 million in a series B financing for its robotic, digitally enabled external fixation system for orthopedic treatments. Johnson & Johnson Innovation – JJDC, Inc. ("JJDC"), led the investment round together with Trendlines.
External fixation devices are a common treatment choice for bone lengthening, setting complex fractures, and correcting deformities. Patient compliance challenges and a lack of real-time feedback for physician follow-up present substantial challenges. Currently, effective treatment necessitates that patients manually adjust fixation devices daily, requiring complicated patient training. This may cause adjustment errors and non-compliance, potentially resulting in poor clinical outcomes.
The Company has completed initial clinical cases in the U.S. and Israel with the FDA-cleared OrthoSpin Generation 1 system, which makes pre-programmed adjustments automatically without the need for patient involvement. Integrated software enables physicians to chart patient progress, and, when required, immediately adjust treatment programs. The OrthoSpin system potentially reduces or eliminates the need for in-person weekly follow-up and generally is expected to improve patient experience.
"We are delighted to have this investment and support from JJDC and Trendlines as we continue the development of OrthoSpin's Gen 1 and Gen 2 systems," said Oren Cohen, CEO of OrthoSpin. "We continue to receive very promising feedback from physicians in the field regarding the Gen 1 system. The funding and close ongoing relationship with JJDC will enable us to accelerate Gen 2 product development and move into clinical use with the Gen 2 system later this year. This investment is an important step in bringing OrthoSpin's system to market."
OrthoSpin was founded in December 2014 to offer a new robotic, digitally enabled external fixation system for orthopedic treatments. OrthoSpin's innovative system has the potential to change the outcomes of various orthopedic treatments, such as bone lengthening, setting complex fractures, and correcting deformities.
Trendlines is an innovation commercialization company that invents, discovers, invests in, and incubates innovation-based medical and agricultural technologies to fulfil its mission to improve the human condition. As intensely hands-on investors, Trendlines is involved in all aspects of its portfolio companies from technology development to business building. Trendlines' shares are traded on the Singapore Stock Exchange (SGX: 42T) and in the United States as an American Depositary Receipt (ADR) on the OTCQX International (OTCQX: TRNLY).
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