The investors include Schroders Investment Management, Oxford Capital Partners and Sloane Robinson Private Equity (SRPE).

Eden’s senior healthcare analyst Dr Martin Hall is joining OrthoMimetics’ board to represent a number of the company’s private investors who also form part of the funding. SRPE’s managing director Heidi Hsueh will be another addition to the board.

Cambridge-based OrthoMimetics produces porous scaffolds to replace joint-replacement surgery and treat problems such as sports injuries, trauma and early osteoarthritis. The funding will be used to develop two products for market approval; ChondroMimetic, which specialises in cartilage repair, and LigaMimetic, for ligament repair.

OrthoMimetics was established by Cambridge University and Massachusetts Institute of Technology (MIT) and has been supported by Cambridge Enterprise. It is the first technology spin-out from the Cambridge-MIT Institute, which also provided the company with early stage funding.