Irvine, CA-based Ellipse Technologies reported the closing of its Series C private equity financing Tuesday. The company, which develops noninvasively adjustable implants for orthopedic deformity and trauma procedures, raised $17.6 million from new shareholders HBM BioVentures and BioStar Ventures. Current investors Wexford Capital and the MedFocus Funds also participated. The funding will help the company commercialize the MAGEC and PRECICE products, according to Ellipse Chairman Michael Henson.
Ellipse has developed the MAGEC technology for minimally invasive--and ultimately non-invasive--orthopedic deformity prevention and management. Its first application is for the treatment of spinal scoliosis in children.
The PRECICE devices are intramedullary rods which provide physicians with a new method of treating orthopedic conditions. The initial PRECICE devices will be used in leg-limb-lengthening procedures of the femur and tibia bones.
The company doesn't have any products available for sale in the U.S. at this time. However, it is selling the MAGEC System through distribution partners in Europe and various countries worldwide. In addition, the company has started the clinical use of PRECICE outside the U.S. and plans a product launch in countries that accept CE Mark approval early next year.
- see the Ellipse release