J&J joints $7m OrthoSpace funding round

OrthoSpace said it has closed a $7 million round of equity financing, being joined by newly vested medtech giant Johnson & Johnson (NYSE:JNJ).

OrthoSpace produces the InSpace orthopedic biodegradable balloon system designed for minimally invasive rotator cuff repair procedures.

In addition to newly invested Johnson & Johnson, the round was joined by existing investors Healthpoint Capital, Smith & Nephew (NYSE:SNN) and TriVentures.

“This is an exciting time for OrthoSpace.  We are seeing great traction for InSpace among the European shoulder community where surgeons are grateful for a simple, effective option to treat rotator cuff injury.  US surgeons have begun to learn about and gain experience with our device through participation in the US IDE study, where enrollment is well underway.  We are pleased to complete this financing to continue to invest in the company’s growth, and we look forward to offering InSpace in additional major markets worldwide,” OrthoSpace CEO Itay Barnea said in a press release.

Funds from the round are slated to support the company’s ongoing U.S. investigational device exemption trial and to build out the company’s commercial activities in Europe, South America and Asia, as well as for general working capital.

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