Orthox Limited, a clinical stage company based in the United Kingdom, has obtained an additional $4.3 million to successfully complete its $12.5 million Series A financing round.
Orthox was founded by a life scientist and knee surgeon to, according to the company, “exploit FibroFix™ in the field of cartilage and bone repair.” The basis for the FibroFix technology platform originated at Oxford University in an effort to explore the potential uses of silk technology.
Orthox’s flagship product is FibroFix Cartilage. FibroFix Cartilage is intended to “treat damage to the articular cartilage in the knee,” according to the company.
Orthox Co-Founder and CEO Nick Skaer, Ph.D. told OTW, “This $12.5 million Series A financing round from a range of high quality medtech investors reflects the strong progress we are making with our award winning FibroFix product platform.”
Dr. Skaer continued, “FibroFix is unique in emulating the functional properties of cartilage while also facilitating rapid tissue regeneration in patients suffering the debilitating effects of serious knee cartilage injuries. With our approach there is significant bone sparing and strong tissue integration of the implant, which will result in much faster patient recovery from surgery.”
The financing round was led by United Kingdom-based Parkwalk, an investor that focuses on “commercialising the scientific discoveries made at the UK’s globally-ranked research universities.” Existing shareholders that participated in the financing round included Oxford Technology & Innovations EIS Fund (OTIF) and Perivoli Innovations. Additio Investment Group also joined the financing round.
The financing will be used to advance clinical trials of FibroFix. The inaugural clinical trial is expected to begin later this year at Southmead Hospital Bristol in the United Kingdom. It will include six patients with six months follow up. The clinical trial will then grow to include 75 patients with follow up over two years.
Orthox plans to expand its clinical trials to other hospitals throughout Europe and has already taken the first steps necessary to getting approval for clinical trials in Budapest, Hungary by submitting a regulatory dossier to the Hungarian medical device regulatory authority, OGYÉI.
