Stanmore Implants, a developer of orthopaedic implants, has secured £4 million in equity investment from Imperial Innovations Group as the company launches a new product in the US.
Stanmore Implants, a developer of orthopaedic implants, has secured £4 million in equity investment from Imperial Innovations Group as the company launches a new product in the US.
In June, Stanmore was awarded American approval for its Juvenile Tumour System, which is used in paediatric orthopaedic oncology surgeries. The company, which has links to the Royal National Orthopaedic Hospital in Stanmore, north London, will use the funding to build a sales force for the product.
Stanmore executive chairman Brian Steer says the financing will be used also to pay for the development of Stanmore’s other technologies including the Savile Row System, the world’s first fully personalised early knee-replacement surgery, and ITAP, which gives amputee patients greater mobility and comfort compared with traditional socket-based systems.
As part of the fundraising, John Holden, director of Investments at Imperial Innovations, will join Stanmore’s board as a non-executive director. Stanmore has previously raised finance from Abingworth, specialist investors in life sciences, as well as Ivy Capital and MDY Healthcare.
Stanmore designs, manufactures and markets a custom implant service alongside a portfolio of orthopaedic implants for limb salvage and complex joint replacement, and is known for creating some of the world’s most successful implants.
Stanmore acquired its robotic bone preparation technology through the acquisition of Acrobot, a medical devices company specialising in computer assisted orthopaedic surgery last August.
Steer comments, ‘Whilst we have a solid core business generating increased revenues, we now have the funds to accelerate the development of our new, groundbreaking technologies and drive the commercialisation of our non-invasive extendible implants in the UK and the US.’
