Shoulder repair startup MinInvasive raises several million dollars
MinInvasive is developing a minimally invasive device for rotator cuff repair in the shoulder.
Sources inform ”Globes” that MinInvasive Orthopedic Solutions Ltd. has raised several million dollars in a financing round led by Access Medical Ventures. Private investors, including big names in the life sciences, also participated in the round, but their names were not disclosed. MinInvasive is developing a minimally invasive device for rotator cuff repair in the shoulder. The device has obtained marketing approval, and is undergoing post-approval clinical trials.
MinInvasive CEO Ronen Raz says that rotator cuff repair surgery connects the tendon to the bone. The prevailing procedure involves a deep incision in the shoulder and manually stitching the tendon to the bone. Minimally invasive procedures also exist. MinInvasive’s OmniCuff device is stapler inserted through a small incision to staple the tendon to the bone. More than one million rotator cuff repair procedures are conducted worldwide each year.
Doctors like minimally invasive technology, and it has taken over the market since its launch a decade ago. However, surgeons believe that stitching tissue is better than the staples used in MinInvasive’s device.
MinInvasive allows stitching, but non-invasively. “We call it ‘back to the future’, Says Raz. “It’s the same stitching procedure, but without the incision.”
“MinInvasive’s main challenge is to insert the needle into the bone through a minimally invasive procedure that does not break the needle or the bone,” says Access Medical Ventures partner Limor Sandach. “The company has patented its method for doing this.”
MinInvasive has built a prototype, and has initiated human clinical trials. The product already has US Food and Drug Administration (FDA) approval, because of its similarity to other products on the market, but Raz and his team know that the approval is not enough for marketing. They are preparing for the real market launch, a process that includes completing a commercial version of the device, carrying out more experimental procedures to provide clinical data for doctors, and completing the transition from development to production. “The capital raised will be enough for these steps,” says Raz.
Ziv Tamir and Moti Sholev founded MinInvasive at the Ashkelon Technological Industries (ATI) incubator. They previously founded other minimally invasive medical devices companies, including Surgical Structure Ltd., for inserting hernia meshes, at the Meytav Incubator, and which was sold to Bard Medical Inc. of the US for $11.8 million before graduating from the incubator.
Published by Globes [online], Israel business news – www.globes-online.com – on August 12, 2013
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