OrthoMimetics Limited (OM), a spin-out from both the University of Cambridge and the Massachusetts Institute of Technology (MIT), has successfully completed a funding round led by Eden Financial.
The company are also being supported by a syndicate of blue-chip investors including Schroders Investment Management Limited, Oxford Capital Partners, Sloane Robinson Private Equity (SRPE) and private investors from Eden Financial.
OM was founded by chief executive Dr. Andrew Lynn with the support of surgeons, scientists and engineers from both Cambridge and MIT.
The company is the first spin-out that has originated from both universities, and received funding from Cambridge-MIT which has headquarters at both establishments..
The funding will enable OM to take two products, ChondroMimetic, for cartilage repair, LigaMimetic, for ligaments, towards market. OM consider that there is a large demand for the reduction of joint surgery as there are more than 2m joints replacements each year performed at a cost of over $30bn.
Dr Lynn said: “Closure of this funding round provides OM with a sound financial basis to move forward swiftly with its development program to bring the first of its products through clinical trials to CE-mark approval.”
As a result of the deal, Dr. Martin Hall from Eden Financial and Heidi Hsueh, managing partner of SRPE, will join the OM board.
© Crimson Business Ltd. 2006
