IlluminOss Medical Completes $11 Million Series B Financing
Company Has Disruptive Technology in Bone Fracture Repair
East Providence, RI – April 18, 2008 – IlluminOss Medical Inc., a medical device
company developing the revolutionary IlluminOss™ Photodynamic Bone Stabilization
System (IBSS) for orthopedic surgery, today announced that it has closed an $11
million Series B funding round. The round was led by new investor New Leaf
Venture (NLV) Partners, and included previous investors Foundation Medical
Partners and Mieza Capital. Milton B. McColl MD, a Venture Partner at NLV
Partners, has joined the Company’s Board of Directors.
It is anticipated that the Series B proceeds will be used for IBSS product
development, the Company’s first clinical trials, the Company’s first FDA
submission and the commercialization of the first IBSS products.
"We are very pleased that New Leaf Venture Partners has chosen to invest in
IlluminOss alongside our previous investors. They have an incredible track
record of success and a deep understanding of the medical device industry," said
Bob Rabiner, Founder and CEO of IlluminOss.
According to Mr. Rabiner, “We believe that our minimally invasive technology
will fundamentally improve the treatment of millions of bone fractures by
driving much earlier restoration of functionality, improving the durability of
orthopedic repairs, decreasing pain, reducing scarring and reducing the risk of
infection.”
"This funding is a great validation of the progress that IlluminOss has made to
date, the leadership team they have in place and their plans to implement their
clinical research program," said Milton B. McColl, Venture Partner at NLV
Partners. "IlluminOss has emerged as a leader in the next generation of
minimally invasive medical devices for bone repair.”
About IlluminOss Medical Inc.
IlluminOss Medical is a privately held, early-stage medical device company
dedicated to the development of minimally invasive orthopedic systems for the
“inside out” stabilization and treatment of bone fractures. IBSS utilizes a
photodynamic (light-curable) polymer system intended to eliminate the need for
traditional, inconvenient and painful methods of bone fixation with external
pins, plates and screws. The Company is currently developing IBSS for small
bones such as fractures of the hands, wrists, clavicle and arms. It is
anticipated that IBSS will also applications in the spine and long bones.
Founded in 2007, IlluminOss is headquartered in East Providence, RI. For more
information about IlluminOss Medical, please visit
www.illuminoss.com.
About New Leaf Venture Partners
New Leaf Venture (NLV) Partners is a life science-dedicated venture capital firm
with offices in Menlo Park, CA and New York, NY. Founded by an experienced team
of venture capitalists with deep healthcare industry experience, NLV Partners
invests primarily in companies focused on clinical-stage biopharmaceutical
products, early-stage medical devices, and molecular diagnostics. NLV Partners
manages over $1.3 billion of assets, including NLV-I, NLV-II and the healthcare
technology portfolio of Sprout Group. For further information, visit the NLV
Partners website at www.nlvpartners.com.
About Foundation Medical Partners
Foundation Medical Partners is a leading national, independent, healthcare
venture capital investment firm specializing in early-stage investments in the
medical device, biopharmaceutical and predictive medicine technology sectors.
Foundation Medical Partners invests in ventures that demonstrate the capability
to improve the practice of medicine and human health. For further information,
visit the Foundation Medical Partners website at
www.foundmed.com.
