OSSIO, an orthopedic fixation company, today announced the closing of $22 million in equity financings led by OCV Partners, a Los Angeles based venture capital firm, with continued participation from existing investors Ortho Vision LLC and Secocha Ventures.
OSSIO has raised a total of $35 million to date. The Company will use these funds to accelerate strategic growth initiatives, including talent acquisition, commercialization, new product development and operational expansion.
In January, OSSIO received 510(k) market clearance from the U.S. Food & Drug Administration for its OSSIOfiberTM Bone Pin Family, a first-of-its kind implant system that uses a proprietary bio-integrative material to provide stability and maintain the alignment of bone fractures, osteotomies, arthrodesis and bone grafts during the healing process, leaving no permanent hardware behind. Offering physicians and their patients a new category in fixation implants, the OSSIOfiberTM platform provides an unprecedented combination of mechanical strength and natural bone healing in a non-permanent implant. While OSSIOfiberTM will have broad application across the spectrum of orthopedic fixation, its first commercial use is focused in the foot and ankle segment for the treatment of forefoot conditions where hardware removal surgeries are prevalent.
“Following receipt of FDA clearance in January, we are moving forward with the commercial launch of OSSIOfiber™ in the United States. This financing provides us with the necessary capital to accelerate our core strategic growth initiatives to ensure we have the inventory and support to meet the anticipated demand for the OSSIOfiber™ technology,” said Brian Verrier, CEO, OSSIO. “We are honored that OCV, Ortho Vision and Secocha Ventures, together with the rest of our strong group of investors, stand behind our breakthrough fixation technology and our overall vision to transform the orthopedic experience for patients, physicians and payors.”
“OSSIO has created a novel bio-integrative fixation platform that we believe has the potential to disrupt the global orthopedic fixation market,” said Mark Yung, Co-Founder and Managing Principal, OCV Partners. “With its unparalleled bio-integrative platform and unique ability to address multiple surgical applications and segments, OSSIOfiber™ Intelligent Bone Regeneration Technology offers a highly differentiated fixation approach that is stronger than bone and fully incorporates into the native anatomy, minimizing implant-related complications and the need for additional surgeries.” Zohar Loshitzer, Principal at OCV, will be joining the OSSIO Board of Directors, effective immediately.
Designed for rapid bone in-growth, regeneration and replacement, OSSIOfiber™ Intelligent Bone Regeneration Technology is a first-of-its-kind implant material stronger than cortical bone that leaves nothing permanent behind. OSSIOfiberTM is engineered to provide the strength required for functional fixation and allows for full integration into the native anatomy without adverse biological response. OSSIOfiber™ implants utilize existing reimbursement and surgical techniques. The OSSIOfiberTM Bone Pin Family represents the first of several regulatory approvals for the company and is cleared for use in the United States for maintenance of alignment and fixation of bone fractures, osteotomies, arthrodesis and bone grafts in the presence of appropriate additional immobilization.