NUI Galway-based medical device spin-out company, Loci Orthopaedics has announced the closing of a €2.75 million seed round investment. The funding will commercialise a new orthopaedic joint implant for a common but crippling joint condition.
Loci Orthopaedics’ work seeks to address the increasing clinical need for thumb base joint arthritis, which causes significant functional impairment of the hand. The company is developing the InDx Implant to meet this need and to access a market estimated at over €550 million per annum. The implant can mimic the natural but complex motions of the thumb joint.
Mr Gerry Clarke, Co-founder and Chief Technology Officer of Loci Orthopaedics, said: “Thumb base arthritis has a huge impact on the quality of life, and on the independence of patients as they age. Can you imagine having pain on simple day to day tasks such as turning keys in a door, opening a jar, or using your phone? This is the prospect faced by millions of people who are restricted in their daily activities and enjoyment of life. It is these patients we want to help, by bringing the first evidence-based implant design to market for this common but disabling condition.”
Pictured above: Loci Orthopaedics Founders, Gerry Clarke, Chief Technology Officer and Dr Brendan Boland, Chief Executive Officer
Photo by: Aengus McMahon