Rhode Island's IlluminOss Medical picked up $28 million in a Series C round, money it will put toward its novel Photodynamic bone stabilization system for bone surgery.
Tekla Capital Management and Life Sciences Partners led the round, and IlluminOss has pulled in a total of $41.7 million since its 2007 founding, a spokesman told FierceMedicalDevices.
CEO Scott Rader said the cash infusion will help his company expand adoption of its bone repair device. "We view this financing as both a validation of the revolutionary nature of the core IlluminOss technology, as well as the critical addition of the financial and strategic expertise necessary to help the company rapidly grow and transform how patients' fractured bones are treated," Rader said in a statement.
The Photodynamic system, CE marked in 2009, helps realign bones in orthopedic surgery through a flexible balloon catheter inserted into the bone and across the fracture site. The catheter is infused with IlluminOss' proprietary liquid monomer, which expands the implant to fill the contours of the bone. Then, when surgeons shine a light on the device, the monomer converts into a hardened polymer--hence photodynamic--and the result is a tough, customized orthopedic implant that strengthens and stabilizes the bone during the healing process, IlluminOss says.
- read IlluminOss' release