Oxford Technology & Innovations EIS Fund (OTIF) and co-investors subscribe into Oxford University spinout company OrthoSon Ltd.’s £8.9m Series A funding round
- OrthoSon has announced the completion of its £8.9m Series A financing round.
- OrthoSon is developing an ultrasound-based minimally invasive motion-restoring treatment for lower back and neck pain.
- The financing will support further product development ahead of a first in human clinical trial in the US.
Oxford Investment Consultants LLP (OIC) is pleased to announce that the Oxford Technology & Innovations EIS Fund (OTIF) and its co-investors have subscribed to the £8.9m Series A round of existing portfolio company OrthoSon Ltd.
OrthoSon is developing novel motion-restoring minimally invasive treatments for low back pain, the largest cause of disability globally with treatment costs, productivity loss and sickness leave costing the US and UK billions per annum. The Company believes its spinal disc restoration approach to be disruptively cost effective and safe compared with the current gold standard surgical approaches. These approaches, including spinal fusion and disc replacement, are extremely costly, highly invasive and often show poor outcomes, frequently leaving patients reliant on long term medication including opioids to manage their pain.
OrthoSon’s proprietary product uses a combination of high intensity, high precision focussed ultrasound, gas-stabilising solid particles and injectable hydrogel, all delivered through a small needle directly into the degenerated disc. After the particles are injected into the disc, externally delivered focussed ultrasound is used to implode them repeatedly, causing breakdown of the nucleus (centre) of the degenerated disc. OrthoSon’s hydrogel is then injected through the original needle, where it cures (sets) to form a replacement nucleus that restores the function of the spinal segment.
The £8.9m Series A financing will enable the Company to complete preclinical safety studies and initiate regulatory activity to prepare for its first in human clinical trial in the US, expected to take place from 2024. This Phase I trial will be followed by European and international clinical trials to support global launch. Series A investors include Big Pi Ventures, Yonghua Capital and Oxford Technology and Innovations EIS Fund (OTIF).
Commenting on the financing, Rich Simmonds, CEO of OrthoSon said:
“This oversubscribed Series A round will take our novel motion-restoring spinal treatment through preclinical trials ahead of clinical trials in the US and internationally. OrthoSon would like to thank existing investors for their support and welcome new investors, including Big Pi Ventures and Yonghua Capital, to the company. We look forward to working with them as we develop our innovative technology to treat thousands of patients with crippling lower back pain.”
Further information on OIC, OTIF and OrthoSon can be found at https://www.oxfordinvestmentconsultants.com/