The U.K.'s Imperial Innovations Group has made a £4 million ($6.5 million) investment in Stanmore Implants, which designs and manufactures patient-specific implants for complex orthopedic reconstructions. As a result of the transaction, Innovations will hold a substantial stake in Stanmore.
The proceeds will be used to expand Stanmore's U.S. and U.K. sales forces for its current products--including the Juvenile Tumor System, a non-invasive extendable implant--as well as the development of new technologies.
Stanmore was originally founded as a spin-out from University College London before being bought by a syndicate of investors led by Abingworth and MDY Healthcare in 2008. Three years later, it has worked to get its products in the marketplace. It sells its extreme orthopedic product portfolio in more than 20 countries throughout western Europe, the Middle East, Asia, Australasia and the Americas, Paul Unwin, managing director, Stanmore Implants Worldwide, told FierceMedicalDevices in an email.
The company has a number of plans for the upcoming year. It will be seeking FDA 510(k) clearance for its CE-marked METS modular limb sparing system in early 2012, Unwin added. Additional clearances for its JTS non-invasive extendable implant range to complement the JTS non-invasive extendable distal femoral replacement will be sought as well.
Stanmore recently gained approval in Saudi Arabia for its limb-sparing product portfolio and is currently awaiting a regulatory nod to release this product range in Russia. And it's moving forward to establish "robust distribution channels in a number of countries, including the U.S.," Unwin said.
- see the Imperial Innovations release