18 Oct OSSIO Closes Series C Financing of $38.5 Million
WOBURN, Mass.–(BUSINESS WIRE)–OSSIO, Ltd., a fast-growing orthopedic fixation technology company, announced today that it has closed $38.5 million in Series C financing. Along with the participation of current shareholders, the round was led by MVM Partners, a Boston- and London-based growth equity firm investing in innovative, commercial stage healthcare companies that address high unmet medical needs.
“We are delighted to have secured this level of interest and commitment from such an experienced and distinguished medical technology investment firm,” said OSSIO’s chief executive officer, Brian Verrier. “The additional funding will enable us to accelerate further adoption of OSSIOfiber® Intelligent Bone Regeneration Technology by orthopedic and podiatric surgeons in the United States. Specifically, we intend to use these funds to fortify new product development, sales force expansion, patient outreach and medical education.”
All OSSIO implants are made with OSSIOfiber Intelligent Bone Regeneration Technology, a breakthrough in fixation material that provides the first credible solution to the shortcomings of permanent metal hardware, conventional resorbable and allograft implants, combining unparalleled mechanical strength and natural bone healing in a non-permanent implant. Made from a proprietary mineral fiber matrix held together by a naturally degradable polymer, the technology features bio-integrative material properties that provide surgeons with a more biologically friendly way to restore patient stability and mobility while leaving nothing permanent behind.
Designed for rapid bone in-growth, regeneration and replacement, OSSIOfiber Intelligent Bone Regeneration Technology is a first-of-its-kind implant material stronger than cortical bone. OSSIOfiber is engineered to provide the strength required for functional fixation and allows for full integration into the native anatomy without adverse biological response. OSSIOfiber implants utilize existing reimbursement and surgical techniques.
More than 10,000 OSSIOfiber implants have already been used in orthopedic surgeries since their commercial introduction in 2019.
“We believe that OSSIO’s novel bio-integrative technology has the potential to transform the orthopedic fixation market,” said MVM’s Dr. Stephen Reeders. “We are excited to support the company’s mission to improve patient outcomes across a broad range of procedures.”
Dr. Reeders and his MVM colleague Dr. Kevin Cheng join OSSIO’s board of directors as part of this financing.
About OSSIO
OSSIO is an orthopedic fixation company committed to transforming the orthopedic experience for patients, physicians and payors. Founded in 2014, its vision is to provide the first credible replacement to metal implants in the multibillion-dollar global orthopedic fixation market with its OSSIOfiber Intelligent Bone Regeneration Technology. OSSIO’s development headquarters is located in Caesarea, Israel, and its US headquarters is in Woburn, MA. For more information on the company, visit www.ossio.io.
Forward-looking statements contained herein are based on estimates and assumptions of OSSIO management and are believed to be reasonable, though they are inherently uncertain and difficult to predict.
About MVM Partners
MVM has invested in high growth healthcare businesses since 1997. The firm has a broad, global investment outlook spanning medical technology, pharmaceuticals, diagnostics, digital health, and other sectors of healthcare.
Contacts
Joe McGrath
Scope Strategic Communications
contactmcgrath@gmail.com
+1.612.819.6421
SOURCE: OSSIO, Business Wire, October 17 2022.
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